SL Green Realty Corp (NYSE:SLG) Expected to Announce Earnings of $1.70 Per Share

Wall Street analysts predict that SL Green Realty Corp (NYSE:SLG) will announce $1.70 earnings per share (EPS) for the current quarter, according to Zacks. Three analysts have provided estimates for SL Green Realty’s earnings, with estimates ranging from $1.68 to $1.73. SL Green Realty reported earnings of $1.61 per share in the same quarter last year, which would indicate a positive year over year growth rate of 5.6%. The business is expected to issue its next quarterly earnings report on Wednesday, January 22nd.

On average, analysts expect that SL Green Realty will report full year earnings of $6.96 per share for the current financial year, with EPS estimates ranging from $6.93 to $6.98. For the next financial year, analysts expect that the business will report earnings of $6.97 per share, with EPS estimates ranging from $6.84 to $7.06. Zacks’ earnings per share calculations are an average based on a survey of sell-side research analysts that follow SL Green Realty.

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

SLG has been the subject of a number of research analyst reports. Barclays set a $107.00 target price on SL Green Realty and gave the company a “buy” rating in a research report on Friday, October 11th. Zacks Investment Research raised SL Green Realty from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a research report on Wednesday, September 11th. Scotiabank cut SL Green Realty from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $96.00 to $84.00 in a research report on Friday, August 16th. Deutsche Bank decreased their price objective on SL Green Realty from $106.00 to $96.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. Finally, Morgan Stanley decreased their price objective on SL Green Realty from $84.50 to $78.00 and set an “underweight” rating for the company in a research report on Tuesday, September 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. SL Green Realty has an average rating of “Hold” and an average price target of $93.85.

Institutional investors and hedge funds have recently bought and sold shares of the company. Nuveen Asset Management LLC increased its stake in shares of SL Green Realty by 942.8% in the second quarter. Nuveen Asset Management LLC now owns 1,586,903 shares of the real estate investment trust’s stock worth $127,539,000 after acquiring an additional 1,434,729 shares during the last quarter. Invesco Ltd. lifted its stake in shares of SL Green Realty by 62.3% in the second quarter. Invesco Ltd. now owns 2,652,268 shares of the real estate investment trust’s stock valued at $213,162,000 after buying an additional 1,018,128 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of SL Green Realty by 210.1% in the second quarter. JPMorgan Chase & Co. now owns 976,582 shares of the real estate investment trust’s stock valued at $77,726,000 after buying an additional 661,637 shares during the period. PGGM Investments lifted its stake in shares of SL Green Realty by 156.2% in the third quarter. PGGM Investments now owns 1,082,869 shares of the real estate investment trust’s stock valued at $88,525,000 after buying an additional 660,122 shares during the period. Finally, Long Pond Capital LP lifted its stake in shares of SL Green Realty by 108.1% in the second quarter. Long Pond Capital LP now owns 1,136,853 shares of the real estate investment trust’s stock valued at $91,369,000 after buying an additional 590,642 shares during the period. 98.89% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE SLG traded up $1.34 during trading hours on Thursday, reaching $89.94. The stock had a trading volume of 1,925,009 shares, compared to its average volume of 672,496. The firm has a market cap of $6.96 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 3.21 and a beta of 1.07. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.99. SL Green Realty has a fifty-two week low of $75.46 and a fifty-two week high of $94.88. The firm has a 50-day moving average of $84.63 and a 200-day moving average of $82.56.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be issued a $0.885 dividend. This is a boost from SL Green Realty’s previous quarterly dividend of $0.85. This represents a $3.54 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend is Tuesday, December 31st. SL Green Realty’s dividend payout ratio (DPR) is currently 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.

Read More: Quick Ratio

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.