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 Wednesday morning. The company provided EPS guidance of 7.350-7.650 for the period, compared to the consensus EPS estimate of 5.970. The company issued revenue guidance of -.

SL Green Realty Stock Up 2.2 %

NYSE SLG opened at $49.57 on Friday. The company has a current ratio of 2.96, a quick ratio of 2.23 and a debt-to-equity ratio of 1.01. The stock’s 50 day moving average is $49.94 and its two-hundred day moving average is $43.18. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of -6.00, a PEG ratio of 1.31 and a beta of 1.71. SL Green Realty has a 1-year low of $20.51 and a 1-year high of $55.75.

SL Green Realty Cuts Dividend

The firm also recently announced a dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a $0.25 dividend. This represents a dividend yield of 6.18%. The ex-dividend date of this dividend is Monday, April 29th. SL Green Realty’s payout ratio is currently -36.32%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SLG. Deutsche Bank Aktiengesellschaft began coverage on SL Green Realty in a report on Tuesday, January 30th. They issued a hold rating and a $50.00 target price on the stock. Evercore ISI downgraded SL Green Realty from an in-line rating to an underperform rating and set a $44.00 price objective on the stock. in a report on Monday, March 18th. Truist Financial downgraded SL Green Realty from a buy rating to a hold rating and upped their price objective for the stock from $44.00 to $47.00 in a report on Tuesday, January 16th. BMO Capital Markets raised SL Green Realty from a market perform rating to an outperform rating and upped their price objective for the stock from $56.00 to $58.00 in a report on Thursday. Finally, StockNews.com raised SL Green Realty to a sell rating in a report on Saturday, February 3rd. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $47.00.

Insider Activity at SL Green Realty

In related news, Director Betsy S. Atkins sold 9,894 shares of the company’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the sale, the director now owns 6,886 shares in the company, valued at approximately $325,363.50. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Director Betsy S. Atkins sold 9,894 shares of the company’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the transaction, the director now directly owns 6,886 shares of the company’s stock, valued at approximately $325,363.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $44.37, for a total transaction of $227,085.66. The disclosure for this sale can be found here. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SL Green Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLG. BlackRock Inc. boosted its stake in shares of SL Green Realty by 9.6% during the 1st quarter. BlackRock Inc. now owns 11,246,072 shares of the real estate investment trust’s stock worth $264,508,000 after buying an additional 988,677 shares during the last quarter. Norges Bank acquired a new position in shares of SL Green Realty during the 4th quarter worth about $24,417,000. Balyasny Asset Management L.P. boosted its stake in shares of SL Green Realty by 111.3% during the 1st quarter. Balyasny Asset Management L.P. now owns 1,139,857 shares of the real estate investment trust’s stock worth $26,809,000 after buying an additional 600,284 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of SL Green Realty during the 1st quarter worth about $10,985,000. Finally, State Street Corp boosted its stake in shares of SL Green Realty by 12.2% during the 1st quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust’s stock worth $314,295,000 after buying an additional 419,067 shares during the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Company Profile

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.