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

SL Green Realty (NYSE:SLG) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 7.650-7.950 for the period, compared to the consensus EPS estimate of 7.540. The company issued revenue guidance of -. SL Green Realty also updated its FY 2025 guidance to 5.250-5.550 EPS.

SL Green Realty Stock Up 4.2 %

NYSE:SLG traded up $3.17 during mid-day trading on Monday, hitting $78.33. 172,764 shares of the stock were exchanged, compared to its average volume of 976,968. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The firm’s 50-day simple moving average is $75.04 and its 200 day simple moving average is $66.02. SL Green Realty has a fifty-two week low of $40.30 and a fifty-two week high of $82.81.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The business had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. During the same period in the prior year, the firm earned $1.27 EPS. Sell-side analysts forecast that SL Green Realty will post 7.59 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.2575 per share. This is a positive change from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Tuesday, December 31st. SL Green Realty’s dividend payout ratio is -120.00%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Scotiabank boosted their target price on shares of SL Green Realty from $68.00 to $80.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Wells Fargo & Company upped their target price on SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 11th. Evercore ISI lifted their price target on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Compass Point set a $65.00 price objective on SL Green Realty and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and lifted their target price for the company from $44.00 to $66.00 in a research report on Friday, September 13th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $66.00.

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.