$184.30 Million in Sales Expected for SL Green Realty Corp (NYSE:SLG) This Quarter

Brokerages expect SL Green Realty Corp (NYSE:SLG) to announce sales of $184.30 million for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for SL Green Realty’s earnings, with the highest sales estimate coming in at $187.81 million and the lowest estimate coming in at $180.70 million. SL Green Realty reported sales of $216.48 million during the same quarter last year, which indicates a negative year over year growth rate of 14.9%. The business is scheduled to issue its next quarterly earnings results after the market closes on Wednesday, July 22nd.

On average, analysts expect that SL Green Realty will report full year sales of $747.93 million for the current fiscal year, with estimates ranging from $738.00 million to $753.92 million. For the next financial year, analysts expect that the business will report sales of $740.30 million, with estimates ranging from $728.80 million to $753.69 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover SL Green Realty.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, April 22nd. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.70 by ($1.11). The business had revenue of $314.30 million during the quarter, compared to analysts’ expectations of $233.95 million. SL Green Realty had a return on equity of 5.89% and a net margin of 27.34%. The company’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.68 EPS.

Several research firms have issued reports on SLG. Stifel Nicolaus cut their price objective on SL Green Realty from $95.00 to $44.00 and set a “hold” rating for the company in a research report on Friday, April 3rd. SunTrust Banks lowered their target price on SL Green Realty from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Bank of America lowered SL Green Realty from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a report on Monday, April 6th. BTIG Research reissued a “market perform” rating and issued a $105.00 target price on shares of SL Green Realty in a report on Sunday, June 21st. Finally, BMO Capital Markets upped their target price on SL Green Realty from $55.00 to $65.00 and gave the company a “market perform” rating in a report on Tuesday, May 5th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. SL Green Realty presently has a consensus rating of “Hold” and a consensus target price of $73.80.

NYSE:SLG traded up $1.38 during trading hours on Tuesday, hitting $49.92. The company’s stock had a trading volume of 1,662,876 shares, compared to its average volume of 2,145,255. The business’s 50-day moving average is $46.98 and its two-hundred day moving average is $66.82. The company has a market capitalization of $3.82 billion, a PE ratio of 12.39, a PEG ratio of 2.67 and a beta of 1.61. The company has a debt-to-equity ratio of 1.12, a quick ratio of 3.97 and a current ratio of 3.97. SL Green Realty has a 52-week low of $35.16 and a 52-week high of $96.39.

The firm also recently declared a monthly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.295 dividend. The ex-dividend date is Monday, June 29th. This represents a $3.54 annualized dividend and a yield of 7.09%. SL Green Realty’s dividend payout ratio (DPR) is presently 50.57%.

In related news, Director Stephen L. Green sold 34,422 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $57.21, for a total transaction of $1,969,282.62. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.99% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Aperio Group LLC boosted its holdings in shares of SL Green Realty by 164.9% in the 1st quarter. Aperio Group LLC now owns 56,094 shares of the real estate investment trust’s stock worth $2,418,000 after acquiring an additional 34,916 shares in the last quarter. Alliancebernstein L.P. raised its stake in SL Green Realty by 1.8% during the first quarter. Alliancebernstein L.P. now owns 173,742 shares of the real estate investment trust’s stock worth $7,488,000 after acquiring an additional 3,061 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of SL Green Realty by 12.8% in the first quarter. Toronto Dominion Bank now owns 80,860 shares of the real estate investment trust’s stock worth $3,485,000 after acquiring an additional 9,149 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of SL Green Realty by 73.8% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 122,954 shares of the real estate investment trust’s stock valued at $5,299,000 after purchasing an additional 52,200 shares in the last quarter. Finally, M&T Bank Corp grew its holdings in shares of SL Green Realty by 58.1% during the 1st quarter. M&T Bank Corp now owns 8,011 shares of the real estate investment trust’s stock valued at $345,000 after purchasing an additional 2,945 shares during the last quarter. Hedge funds and other institutional investors own 98.00% of the company’s stock.

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.

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