Wall Street analysts expect that SL Green Realty Corp (NYSE:SLG) will post sales of $213.54 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for SL Green Realty’s earnings, with estimates ranging from $213.06 million to $213.86 million. SL Green Realty reported sales of $211.37 million in the same quarter last year, which indicates a positive year over year growth rate of 1%. The business is expected to report its next earnings results on Wednesday, July 17th.
On average, analysts expect that SL Green Realty will report full-year sales of $850.82 million for the current year, with estimates ranging from $844.47 million to $856.96 million. For the next financial year, analysts anticipate that the business will report sales of $852.89 million, with estimates ranging from $838.68 million to $863.38 million. Zacks’ sales averages 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 earnings results on Wednesday, April 17th. The real estate investment trust reported $1.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.72 by ($0.04). SL Green Realty had a return on equity of 3.01% and a net margin of 15.39%. The business had revenue of $304.30 million for the quarter, compared to analyst estimates of $244.08 million. During the same quarter in the previous year, the firm posted $1.66 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis.
Several equities analysts have issued reports on SLG shares. ValuEngine cut SL Green Realty from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Morgan Stanley cut SL Green Realty from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $97.00 to $85.50 in a report on Wednesday, March 13th. JPMorgan Chase & Co. cut SL Green Realty from an “equal weight” rating to an “underweight” rating and set a $91.91 price target on the stock. in a report on Wednesday, March 13th. Deutsche Bank restated a “buy” rating and issued a $110.00 price target (down previously from $115.00) on shares of SL Green Realty in a report on Wednesday, April 10th. Finally, Zacks Investment Research cut SL Green Realty from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $97.43.
NYSE SLG traded up $0.65 on Friday, hitting $88.27. 450,356 shares of the company’s stock were exchanged, compared to its average volume of 541,835. The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.98. SL Green Realty has a fifty-two week low of $76.77 and a fifty-two week high of $106.54. The stock has a market capitalization of $7.41 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 3.44 and a beta of 1.21.
In related news, Director Betsy S. Atkins sold 6,470 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $86.08, for a total value of $556,937.60. Following the sale, the director now owns 3,214 shares in the company, valued at approximately $276,661.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.99% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. BlackRock Inc. grew its holdings in SL Green Realty by 6.0% during the 4th quarter. BlackRock Inc. now owns 9,130,834 shares of the real estate investment trust’s stock valued at $722,065,000 after buying an additional 516,276 shares during the last quarter. Boston Partners grew its holdings in SL Green Realty by 0.9% during the 1st quarter. Boston Partners now owns 6,375,454 shares of the real estate investment trust’s stock valued at $573,281,000 after buying an additional 58,138 shares during the last quarter. Geode Capital Management LLC grew its holdings in SL Green Realty by 6.6% during the 1st quarter. Geode Capital Management LLC now owns 1,419,892 shares of the real estate investment trust’s stock valued at $127,485,000 after buying an additional 87,611 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in SL Green Realty by 2.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,204,549 shares of the real estate investment trust’s stock valued at $108,314,000 after buying an additional 24,570 shares during the last quarter. Finally, Norges Bank acquired a new stake in SL Green Realty during the 4th quarter valued at $73,769,000. Hedge funds and other institutional investors own 97.31% of the company’s stock.
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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