SL Green Realty Corp (NYSE:SLG) Expected to Announce Earnings of $1.56 Per Share

Brokerages expect SL Green Realty Corp (NYSE:SLG) to announce earnings per share (EPS) of $1.56 for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for SL Green Realty’s earnings. The lowest EPS estimate is $1.45 and the highest is $1.64. SL Green Realty posted earnings per share of $1.82 in the same quarter last year, which would suggest a negative year-over-year growth rate of 14.3%. The company is scheduled to announce its next quarterly earnings report after the market closes on Wednesday, July 22nd.

According to Zacks, analysts expect that SL Green Realty will report full-year earnings of $6.81 per share for the current financial year, with EPS estimates ranging from $6.69 to $6.89. For the next year, analysts forecast that the firm will post earnings of $6.70 per share, with EPS estimates ranging from $6.32 to $7.12. Zacks’ earnings per share averages are an average based on a survey of research analysts that follow SL Green Realty.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($1.11). SL Green Realty had a net margin of 27.34% and a return on equity of 5.89%. The firm had revenue of $314.30 million for the quarter, compared to analyst estimates of $233.95 million. During the same period last year, the company earned $1.68 EPS. The company’s revenue was up 3.3% compared to the same quarter last year.

Several equities analysts have recently issued reports on SLG shares. Citigroup lowered SL Green Realty from a “buy” rating to a “neutral” rating in a research note on Sunday, April 19th. 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 research note on Monday, April 6th. Stifel Nicolaus cut their target price on SL Green Realty from $95.00 to $44.00 and set a “hold” rating on the stock in a research note on Friday, April 3rd. SunTrust Banks cut their target price on SL Green Realty from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Finally, Morgan Stanley increased their target price on SL Green Realty from $44.00 to $47.00 and gave the company an “equal weight” rating in a research note on Thursday, June 25th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $73.80.

Shares of SLG traded up $1.38 during trading hours on Friday, hitting $49.92. 1,662,876 shares of the stock traded hands, compared to its average volume of 2,145,255. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 1.12. SL Green Realty has a 1-year low of $35.16 and a 1-year high of $96.39. The firm has a market capitalization of $3.82 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.61. The business has a fifty day moving average of $46.98 and a 200-day moving average of $66.82.

The company also recently declared a monthly dividend, which will be paid on Wednesday, July 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 7.09%. SL Green Realty’s dividend payout ratio (DPR) is 50.57%.

In other news, Director Stephen L. Green sold 34,422 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $57.21, for a total transaction of $1,969,282.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.99% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. grew its stake in SL Green Realty by 6.9% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,484 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 161 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its stake in shares of SL Green Realty by 1.3% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 14,079 shares of the real estate investment trust’s stock worth $1,294,000 after acquiring an additional 180 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of SL Green Realty by 0.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 73,174 shares of the real estate investment trust’s stock worth $3,154,000 after acquiring an additional 197 shares during the last quarter. American International Group Inc. raised its stake in SL Green Realty by 0.8% in the 1st quarter. American International Group Inc. now owns 27,683 shares of the real estate investment trust’s stock valued at $1,193,000 after acquiring an additional 227 shares during the period. Finally, Piedmont Investment Advisors Inc. lifted its stake in shares of SL Green Realty by 0.5% during the 4th quarter. Piedmont Investment Advisors Inc. now owns 60,170 shares of the real estate investment trust’s stock worth $5,528,000 after buying an additional 278 shares during the last quarter. 98.00% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Company Profile

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

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