Brokerages Anticipate SL Green Realty Corp (NYSE:SLG) to Post $1.70 Earnings Per Share

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Equities research analysts forecast that SL Green Realty Corp (NYSE:SLG) will post earnings per share (EPS) of $1.70 for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for SL Green Realty’s earnings, with estimates ranging from $1.63 to $1.74. SL Green Realty posted earnings per share of $1.82 in the same quarter last year, which would suggest a negative year over year growth rate of 6.6%. The company is expected to report its next earnings results after the market closes on Wednesday, July 22nd.

According to Zacks, analysts expect that SL Green Realty will report full year earnings of $6.81 per share for the current fiscal year, with EPS estimates ranging from $6.69 to $6.89. For the next year, analysts anticipate that the business will post earnings of $6.70 per share, with EPS estimates ranging from $6.32 to $7.12. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that follow SL Green Realty.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $0.59 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($1.11). The firm had revenue of $314.30 million for the quarter, compared to analysts’ expectations of $233.95 million. SL Green Realty had a net margin of 27.34% and a return on equity of 5.89%. SL Green Realty’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.68 EPS.

Several equities research analysts have recently issued reports on SLG shares. Citigroup cut shares of SL Green Realty from a “buy” rating to a “neutral” rating in a research report on Sunday, April 19th. Stifel Nicolaus reduced their price objective on shares of SL Green Realty from $95.00 to $44.00 and set a “hold” rating on the stock in a research report on Friday, April 3rd. Piper Sandler cut shares of SL Green Realty from an “overweight” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research report on Friday, April 24th. Jefferies Financial Group reduced their price objective on shares of SL Green Realty from $87.00 to $55.00 and set a “hold” rating on the stock in a research report on Thursday, April 16th. Finally, Bank of America cut shares of SL Green Realty from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research report on Monday, April 6th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $73.80.

In other SL Green Realty news, Director Stephen L. Green sold 34,422 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $57.21, for a total transaction of $1,969,282.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 4.29% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of SL Green Realty by 6.9% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,484 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 161 shares during the period. Nissay Asset Management Corp Japan ADV lifted its stake in SL Green Realty by 1.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 14,079 shares of the real estate investment trust’s stock worth $1,294,000 after acquiring an additional 180 shares during the period. Nisa Investment Advisors LLC lifted its stake in SL Green Realty by 0.3% in the first quarter. Nisa Investment Advisors LLC now owns 73,174 shares of the real estate investment trust’s stock worth $3,154,000 after acquiring an additional 197 shares during the period. American International Group Inc. lifted its stake in SL Green Realty by 0.8% in the first quarter. American International Group Inc. now owns 27,683 shares of the real estate investment trust’s stock worth $1,193,000 after acquiring an additional 227 shares during the period. Finally, Piedmont Investment Advisors Inc. lifted its stake in SL Green Realty by 0.5% in the fourth quarter. Piedmont Investment Advisors Inc. now owns 60,170 shares of the real estate investment trust’s stock worth $5,528,000 after acquiring an additional 278 shares during the period. Institutional investors and hedge funds own 98.00% of the company’s stock.

SL Green Realty stock opened at $49.29 on Friday. The stock has a market cap of $3.58 billion, a P/E ratio of 12.23, a PEG ratio of 2.57 and a beta of 1.61. The company has a debt-to-equity ratio of 1.12, a current ratio of 3.97 and a quick ratio of 3.97. SL Green Realty has a 1 year low of $35.16 and a 1 year high of $96.39. The firm’s 50 day moving average price is $46.77 and its 200-day moving average price is $67.23.

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.295 per share. This represents a $3.54 dividend on an annualized basis and a yield of 7.18%. The ex-dividend date of this dividend is Monday, June 29th. SL Green Realty’s dividend payout ratio (DPR) is 50.57%.

SL Green Realty Company Profile

SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.

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Earnings History and Estimates for SL Green Realty (NYSE:SLG)

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