SL Green Realty (SLG) Scheduled to Post Quarterly Earnings on Wednesday

SL Green Realty (NYSE:SLG) is scheduled to be releasing its earnings data after the market closes on Wednesday, October 16th. Analysts expect SL Green Realty to post earnings of $1.24 per share for the quarter. SL Green Realty has set its FY24 guidance at $7.45-7.75 EPS and its FY 2024 guidance at 7.450-7.750 EPS.Persons interested in listening to the company’s earnings conference call can do so using this link.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. The business had revenue of $222.82 million for the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.43 EPS. On average, analysts expect SL Green Realty to post $8 EPS for the current fiscal year and $5 EPS for the next fiscal year.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $70.01 on Tuesday. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $4.56 billion, a P/E ratio of -26.22, a P/E/G ratio of 1.86 and a beta of 1.83. The stock’s 50-day simple moving average is $66.57 and its two-hundred day simple moving average is $59.10. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $73.80.

SL Green Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $3.00 annualized dividend and a dividend yield of 4.29%. SL Green Realty’s dividend payout ratio (DPR) is presently -112.36%.

Analyst Upgrades and Downgrades

SLG has been the subject of several research analyst reports. Evercore ISI upgraded SL Green Realty from an “underperform” rating to an “inline” rating and increased their price objective for the stock from $55.00 to $66.00 in a report on Monday, September 16th. Barclays lifted their price objective on SL Green Realty from $58.00 to $66.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. The Goldman Sachs Group lifted their price objective on SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Scotiabank lifted their price objective on SL Green Realty from $53.00 to $68.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. Finally, StockNews.com upgraded SL Green Realty to a “sell” rating in a research note on Friday, July 19th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $60.43.

About SL Green Realty

3SL Green Realty Corp., Manhattan’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 June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.