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

SL Green Realty Corp. (NYSE:SLG) – Equities research analysts at Zacks Research lowered their Q2 2024 earnings estimates for shares of SL Green Realty in a report released on Tuesday, June 25th. Zacks Research analyst R. Department now forecasts that the real estate investment trust will post earnings of $1.64 per share for the quarter, down from their prior estimate of $1.68. The consensus estimate for SL Green Realty’s current full-year earnings is $7.51 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.

Several other research firms have also commented on SLG. Piper Sandler reaffirmed an “overweight” rating and set a $58.00 price target on shares of SL Green Realty in a research report on Tuesday, March 26th. BMO Capital Markets raised shares of SL Green Realty from a “market perform” rating to an “outperform” rating and upped their price target for the company from $56.00 to $58.00 in a research report on Thursday, April 18th. Evercore ISI upped their price target on shares of SL Green Realty from $46.00 to $47.00 and gave the company an “underperform” rating in a research report on Monday, April 22nd. JPMorgan Chase & Co. upped their price target on shares of SL Green Realty from $43.00 to $44.00 and gave the company an “underweight” rating in a research report on Thursday, April 25th. Finally, Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $35.00 to $48.00 in a research report on Wednesday, March 27th. Seven research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $44.46.

SL Green Realty Price Performance

SLG opened at $56.64 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.96 and a current ratio of 2.96. The stock has a market capitalization of $3.73 billion, a P/E ratio of -6.86, a P/E/G ratio of 1.03 and a beta of 1.77. The company’s 50-day simple moving average is $53.15 and its two-hundred day simple moving average is $49.73. 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 business also recently declared a monthly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $0.25 dividend. The ex-dividend date is Friday, June 28th. This represents a $3.00 dividend on an annualized basis and a yield of 5.30%. SL Green Realty’s dividend payout ratio is presently -36.32%.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors have recently made changes to their positions in the company. Private Trust Co. NA purchased a new position in SL Green Realty in the fourth quarter valued at about $33,000. Financial Gravity Asset Management Inc. grew its stake in SL Green Realty by 3,073.3% in the third quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 922 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in SL Green Realty in the first quarter valued at about $55,000. Rosenberg Matthew Hamilton grew its stake in SL Green Realty by 9.6% in the fourth quarter. Rosenberg Matthew Hamilton now owns 2,588 shares of the real estate investment trust’s stock valued at $117,000 after purchasing an additional 227 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new stake in SL Green Realty in the fourth quarter worth about $140,000. 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.