SL Green Realty (NYSE:SLG) Issues FY 2024 Earnings Guidance

SL Green Realty (NYSE:SLG) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 7.650-7.950 for the period, compared to the consensus earnings per share estimate of 7.540. The company issued revenue guidance of -. SL Green Realty also updated its FY 2025 guidance to 5.250-5.550 EPS.

Analysts Set New Price Targets

SLG has been the subject of several research reports. Scotiabank lifted their price target on shares of SL Green Realty from $68.00 to $80.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. Piper Sandler reissued an “overweight” rating and issued a $90.00 price target (up previously from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Jefferies Financial Group upped their price objective on SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday, November 22nd. Morgan Stanley raised their target price on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 9th. Finally, Compass Point set a $65.00 price objective on shares of SL Green Realty and gave the stock a “neutral” rating in a report on Friday, October 18th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $66.00.

SL Green Realty Price Performance

NYSE SLG opened at $76.44 on Tuesday. SL Green Realty has a 12 month low of $40.30 and a 12 month high of $82.81. The firm has a market capitalization of $5.04 billion, a PE ratio of -30.58, a P/E/G ratio of 3.68 and a beta of 1.81. The company’s 50 day simple moving average is $75.18 and its 200 day simple moving average is $66.21. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). The firm had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same quarter last year, the business posted $1.27 earnings per share. As a group, equities research analysts forecast that SL Green Realty will post 7.59 EPS for the current fiscal year.

SL Green Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.2575 dividend. This represents a $3.09 dividend on an annualized basis and a yield of 4.04%. This is an increase from SL Green Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 31st. SL Green Realty’s dividend payout ratio is presently -120.00%.

About SL Green Realty

3SL Green Realty Corp., Manhattan’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 June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.