SL Green Realty (NYSE:SLG) Releases FY 2024 Earnings Guidance

SL Green Realty (NYSE:SLG) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 7.350-7.650 for the period, compared to the consensus estimate of 5.970. The company issued revenue guidance of -.

Wall Street Analyst Weigh In

Several research firms have issued reports on SLG. Truist Financial lowered shares of SL Green Realty from a buy rating to a hold rating and lifted their price target for the stock from $44.00 to $47.00 in a research report on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of SL Green Realty in a research report on Tuesday, January 30th. They set a hold rating and a $50.00 price objective on the stock. Morgan Stanley lifted their price objective on shares of SL Green Realty from $41.00 to $47.00 and gave the stock an equal weight rating in a research report on Thursday, March 28th. TheStreet upgraded shares of SL Green Realty from a d+ rating to a c- rating in a research report on Wednesday, January 10th. Finally, Barclays upgraded shares of SL Green Realty from an underweight rating to an equal weight rating and lifted their price objective for the stock from $35.00 to $48.00 in a research report on Wednesday, March 27th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $47.00.

SL Green Realty Stock Up 2.8 %

SL Green Realty stock opened at $49.67 on Thursday. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of -5.46, a P/E/G ratio of 1.62 and a beta of 1.71. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.23 and a quick ratio of 2.23. SL Green Realty has a fifty-two week low of $20.51 and a fifty-two week high of $55.75. The firm has a fifty day moving average price of $49.76 and a two-hundred day moving average price of $43.04.

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date was Wednesday, March 27th. SL Green Realty’s dividend payout ratio is currently -33.00%.

Insider Activity

In other news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Betsy S. Atkins sold 9,894 shares of the company’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $47.25, for a total value of $467,491.50. Following the sale, the director now owns 6,886 shares of the company’s stock, valued at $325,363.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The disclosure for this sale can be found here. 5.60% of the stock is owned by company insiders.

Institutional Trading of SL Green Realty

Several large investors have recently added to or reduced their stakes in SLG. BlackRock Inc. grew its stake in SL Green Realty by 9.6% during the first quarter. BlackRock Inc. now owns 11,246,072 shares of the real estate investment trust’s stock worth $264,508,000 after buying an additional 988,677 shares during the last quarter. Norges Bank bought a new stake in SL Green Realty during the fourth quarter worth about $24,417,000. Balyasny Asset Management L.P. lifted its position in shares of SL Green Realty by 111.3% during the first quarter. Balyasny Asset Management L.P. now owns 1,139,857 shares of the real estate investment trust’s stock worth $26,809,000 after purchasing an additional 600,284 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of SL Green Realty during the first quarter worth approximately $10,985,000. Finally, State Street Corp lifted its position in shares of SL Green Realty by 12.2% during the first quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust’s stock worth $314,295,000 after purchasing an additional 419,067 shares in the last quarter. 89.96% of the stock is owned by institutional investors.

SL Green Realty Company Profile

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.