SL Green Realty Corp (NYSE:SLG) Expected to Post Quarterly Sales of $215.16 Million

Brokerages forecast that SL Green Realty Corp (NYSE:SLG) will post $215.16 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for SL Green Realty’s earnings, with the lowest sales estimate coming in at $208.14 million and the highest estimate coming in at $219.52 million. SL Green Realty posted sales of $216.48 million in the same quarter last year, which suggests a negative year over year growth rate of 0.6%. The business is scheduled to issue its next earnings report on Wednesday, January 22nd.

On average, analysts expect that SL Green Realty will report full-year sales of $857.66 million for the current year, with estimates ranging from $844.47 million to $864.46 million. For the next year, analysts forecast that the business will report sales of $854.21 million, with estimates ranging from $838.68 million to $876.15 million. Zacks’ sales calculations are an average based on a survey of analysts that cover SL Green Realty.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.73 by ($1.33). The firm had revenue of $248.03 million for the quarter, compared to analyst estimates of $243.02 million. SL Green Realty had a return on equity of 3.18% and a net margin of 15.37%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.69 EPS.

Several research firms recently weighed in on SLG. Zacks Investment Research upgraded shares of SL Green Realty from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a report on Wednesday, September 11th. Citigroup dropped their target price on shares of SL Green Realty from $105.00 to $100.00 and set a “buy” rating for the company in a report on Friday, September 6th. Morgan Stanley dropped their target price on shares of SL Green Realty from $84.50 to $78.00 and set an “underweight” rating for the company in a report on Tuesday, September 10th. Stifel Nicolaus downgraded shares of SL Green Realty from a “buy” rating to a “hold” rating and set a $82.00 target price for the company. in a report on Monday, September 30th. Finally, SunTrust Banks dropped their target price on shares of SL Green Realty to $100.00 and set a “buy” rating for the company in a report on Monday. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $93.21.

Hedge funds have recently modified their holdings of the business. CSat Investment Advisory L.P. boosted its position in SL Green Realty by 40.4% in the 2nd quarter. CSat Investment Advisory L.P. now owns 594 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 171 shares during the period. Marshall Wace North America L.P. purchased a new position in SL Green Realty in the 1st quarter valued at approximately $72,000. Pearl River Capital LLC purchased a new position in SL Green Realty in the 2nd quarter valued at approximately $125,000. Frontier Wealth Management LLC purchased a new position in SL Green Realty in the 2nd quarter valued at approximately $210,000. Finally, Quantamental Technologies LLC purchased a new position in SL Green Realty in the 2nd quarter valued at approximately $215,000. 99.37% of the stock is owned by institutional investors.

SL Green Realty stock opened at $82.31 on Wednesday. SL Green Realty has a fifty-two week low of $75.46 and a fifty-two week high of $97.59. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.91 and a current ratio of 1.65. The firm has a 50 day moving average price of $80.96 and a 200 day moving average price of $83.25. The company has a market capitalization of $6.63 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 3.37 and a beta of 1.09.

The firm also recently declared a — dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.85 dividend. The ex-dividend date was Friday, September 27th. This represents a yield of 4.2%. SL Green Realty’s dividend payout ratio is presently 51.36%.

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.

See Also: Golden Cross

Get a free copy of the Zacks research report on SL Green Realty (SLG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for SL Green Realty (NYSE:SLG)

Receive News & Ratings for SL Green Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SL Green Realty and related companies with MarketBeat.com's FREE daily email newsletter.