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

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Brokerages expect that SL Green Realty Corp (NYSE:SLG) will announce earnings of $1.70 per share for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for SL Green Realty’s earnings. The highest EPS estimate is $1.73 and the lowest is $1.68. SL Green Realty reported earnings per share of $1.61 in the same quarter last year, which suggests a positive year-over-year growth rate of 5.6%. The firm is expected to announce its next quarterly earnings results on Wednesday, January 22nd.

According to Zacks, analysts expect that SL Green Realty will report full-year earnings of $6.96 per share for the current year, with EPS estimates ranging from $6.93 to $6.98. For the next year, analysts anticipate that the firm will report earnings of $6.97 per share, with EPS estimates ranging from $6.84 to $7.06. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow SL Green Realty.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.33). The firm had revenue of $248.03 million for the quarter, compared to the consensus estimate of $243.02 million. SL Green Realty had a return on equity of 3.18% and a net margin of 15.37%. SL Green Realty’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.69 EPS.

A number of research analysts have commented on the stock. Barclays set a $107.00 target price on shares of SL Green Realty and gave the company a “buy” rating in a research report on Friday, October 11th. SunTrust Banks lowered their price target on shares of SL Green Realty to $100.00 and set a “buy” rating for the company in a research report on Monday, October 21st. They noted that the move was a valuation call. Morgan Stanley dropped their price objective on shares of SL Green Realty from $84.50 to $78.00 and set an “underweight” rating on the stock in a research note on Tuesday, September 10th. Scotiabank lowered shares of SL Green Realty from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $96.00 to $84.00 in a report on Friday, August 16th. Finally, Stifel Nicolaus downgraded shares of SL Green Realty from a “buy” rating to a “hold” rating and set a $82.00 price objective for the company. in a research note on Monday, September 30th. Three analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $93.49.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC grew its holdings in shares of SL Green Realty by 942.8% during the second quarter. Nuveen Asset Management LLC now owns 1,586,903 shares of the real estate investment trust’s stock valued at $127,539,000 after buying an additional 1,434,729 shares during the last quarter. Invesco Ltd. raised its stake in SL Green Realty by 62.3% in the 2nd quarter. Invesco Ltd. now owns 2,652,268 shares of the real estate investment trust’s stock worth $213,162,000 after acquiring an additional 1,018,128 shares during the last quarter. JPMorgan Chase & Co. lifted its position in SL Green Realty by 210.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 976,582 shares of the real estate investment trust’s stock worth $77,726,000 after acquiring an additional 661,637 shares during the period. PGGM Investments lifted its position in SL Green Realty by 156.2% during the 3rd quarter. PGGM Investments now owns 1,082,869 shares of the real estate investment trust’s stock worth $88,525,000 after acquiring an additional 660,122 shares during the period. Finally, Long Pond Capital LP increased its holdings in shares of SL Green Realty by 108.1% in the second quarter. Long Pond Capital LP now owns 1,136,853 shares of the real estate investment trust’s stock valued at $91,369,000 after purchasing an additional 590,642 shares during the period. 97.11% of the stock is currently owned by institutional investors and hedge funds.

NYSE:SLG traded down $0.06 during mid-day trading on Thursday, reaching $85.77. The company’s stock had a trading volume of 483,051 shares, compared to its average volume of 665,670. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.99. SL Green Realty has a 1 year low of $75.46 and a 1 year high of $95.82. The stock has a fifty day moving average of $84.11 and a 200-day moving average of $82.55. The firm has a market capitalization of $6.84 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 3.15 and a beta of 1.07.

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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