SL Green Realty Corp. (NYSE:SLG) to Post Q2 2024 Earnings of $1.64 Per Share, Zacks Research Forecasts

SL Green Realty Corp. (NYSE:SLG) – Research analysts at Zacks Research decreased their Q2 2024 EPS estimates for shares of SL Green Realty in a research note issued on Tuesday, June 25th. Zacks Research analyst R. Department now anticipates that the real estate investment trust will earn $1.64 per share for the quarter, down from their previous estimate of $1.68. The consensus estimate for SL Green Realty’s current full-year earnings is $7.53 per share. Zacks Research also issued estimates for SL Green Realty’s Q3 2024 earnings at $1.49 EPS, FY2024 earnings at $7.53 EPS, Q2 2025 earnings at $1.31 EPS, Q3 2025 earnings at $1.26 EPS, Q4 2025 earnings at $1.25 EPS and FY2025 earnings at $5.00 EPS.

A number of other research analysts have also issued reports on the company. BMO Capital Markets upgraded SL Green Realty from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $56.00 to $58.00 in a report on Thursday, April 18th. Piper Sandler reiterated an “overweight” rating and set a $58.00 price target on shares of SL Green Realty in a report on Tuesday, March 26th. Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $35.00 to $48.00 in a research report on Wednesday, March 27th. Citigroup boosted their target price on shares of SL Green Realty from $31.00 to $37.00 and gave the stock a “sell” rating in a research note on Thursday, June 13th. Finally, Morgan Stanley increased their target price on SL Green Realty from $41.00 to $47.00 and gave the company an “equal weight” rating in a report on Thursday, March 28th. Seven equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $44.46.

SL Green Realty Stock Performance

Shares of SLG stock opened at $55.82 on Friday. The firm has a 50 day moving average of $53.01 and a two-hundred day moving average of $49.57. The stock has a market capitalization of $3.68 billion, a PE ratio of -6.76, a P/E/G ratio of 1.02 and a beta of 1.77. The company has a quick ratio of 2.96, a current ratio of 2.96 and a debt-to-equity ratio of 1.01. SL Green Realty has a 52 week low of $27.86 and a 52 week high of $58.54.

SL Green Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.37%. SL Green Realty’s dividend payout ratio (DPR) is presently -36.32%.

Institutional Trading of SL Green Realty

Institutional investors and hedge funds have recently bought and sold shares of the business. Deutsche Bank AG increased its position in SL Green Realty by 2,563.6% in the 3rd quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock valued at $74,573,000 after acquiring an additional 1,924,221 shares during the period. Wellington Management Group LLP acquired a new position in shares of SL Green Realty in the third quarter valued at approximately $38,666,000. Norges Bank purchased a new stake in shares of SL Green Realty during the fourth quarter worth approximately $18,664,000. Prospect Financial Services LLC acquired a new stake in shares of SL Green Realty during the fourth quarter worth $12,373,000. Finally, Kettle Hill Capital Management LLC purchased a new position in SL Green Realty in the 4th quarter valued at $11,832,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.