SL Green Realty (NYSE:SLG) Updates FY24 Earnings Guidance

SL Green Realty (NYSE:SLG) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $7.65-7.95 for the period, compared to the consensus EPS estimate of $7.54. SL Green Realty also updated its FY25 guidance to $5.25-5.55 EPS.

SL Green Realty Stock Down 0.2 %

SL Green Realty stock opened at $75.00 on Monday. SL Green Realty has a 52 week low of $40.30 and a 52 week high of $82.81. The business has a 50-day simple moving average of $75.04 and a 200 day simple moving average of $66.02. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58.

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

SL Green Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.2575 dividend. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date is Tuesday, December 31st. This is a boost from SL Green Realty’s previous monthly dividend of $0.25. SL Green Realty’s dividend payout ratio (DPR) is presently -120.00%.

Wall Street Analyst Weigh In

SLG has been the subject of a number of recent research reports. Scotiabank boosted their price target on SL Green Realty from $68.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and boosted their price target for the company from $44.00 to $66.00 in a report on Friday, September 13th. Wells Fargo & Company boosted their price target on SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a report on Wednesday, September 11th. Piper Sandler reissued an “overweight” rating and set a $90.00 price target (up previously from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Finally, BMO Capital Markets reissued an “outperform” rating and set a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, SL Green Realty presently has an average 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.