SL Green Realty (NYSE:SLG) Announces Quarterly Earnings Results, Beats Expectations By $0.21 EPS

SL Green Realty (NYSE:SLG) issued its earnings results on Wednesday. The real estate investment trust reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21, Fidelity Earnings reports. The company had revenue of $244.96 million during the quarter, compared to analysts’ expectations of $241.61 million. SL Green Realty had a return on equity of 3.99% and a net margin of 19.88%. SL Green Realty’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.69 EPS.

SLG opened at $81.47 on Friday. The firm’s 50 day simple moving average is $84.09. The company has a market cap of $7.03 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 3.33 and a beta of 1.09. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.91 and a quick ratio of 2.65. SL Green Realty has a one year low of $76.77 and a one year high of $106.54.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date was Thursday, June 27th. SL Green Realty’s payout ratio is 51.36%.

Several equities research analysts recently weighed in on SLG shares. Deutsche Bank dropped their target price on Vornado Realty Trust from $80.00 to $73.00 and set a “hold” rating for the company in a report on Wednesday, April 10th. BMO Capital Markets dropped their target price on Pentair to $39.00 and set a “market perform” rating for the company in a report on Thursday, April 18th. ValuEngine lowered Virtu Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, June 18th. Morgan Stanley started coverage on in a research report on Monday, June 17th. They set an “equal weight” rating and a GBX 215 ($2.81) price target for the company. Finally, Zacks Investment Research raised Green Brick Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $97.39.

In other SL Green Realty news, Director Betsy S. Atkins sold 6,470 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $86.08, for a total transaction of $556,937.60. Following the completion of the transaction, the director now owns 3,214 shares of the company’s stock, valued at approximately $276,661.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.99% of the company’s stock.

Large investors have recently made changes to their positions in the company. CSat Investment Advisory L.P. raised its position in shares of SL Green Realty by 55.1% in the 4th quarter. CSat Investment Advisory L.P. now owns 363 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 129 shares in the last quarter. Marshall Wace North America L.P. bought a new position in shares of SL Green Realty in the 1st quarter worth approximately $72,000. KCS Wealth Advisory bought a new position in shares of SL Green Realty in the 1st quarter worth approximately $200,000. Quantum Capital Management bought a new position in shares of SL Green Realty in the 1st quarter worth approximately $201,000. Finally, Raymond James Trust N.A. bought a new position in shares of SL Green Realty in the 1st quarter worth approximately $216,000. 97.33% of the stock is owned by hedge funds and other institutional investors.

About SL Green Realty

SL Green Realty Corp., an S&P 500 company and New York City'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 March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.

Further Reading: Depreciation

Earnings History for SL Green Realty (NYSE:SLG)

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