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

SL Green Realty (NYSE:SLG) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 7.350-7.650 for the period, compared to the consensus estimate of 5.970. The company issued revenue guidance of -.

Wall Street Analyst Weigh In

SLG has been the topic of a number of recent analyst reports. TheStreet upgraded SL Green Realty from a d+ rating to a c- rating in a research report on Wednesday, January 10th. Barclays upgraded shares of SL Green Realty from an underweight rating to an equal weight rating and raised their price target for the stock from $35.00 to $48.00 in a report on Wednesday, March 27th. Deutsche Bank Aktiengesellschaft began coverage on shares of SL Green Realty in a report on Tuesday, January 30th. They issued a hold rating and a $50.00 target price for the company. The Goldman Sachs Group increased their price target on SL Green Realty from $30.00 to $36.00 and gave the stock a sell rating in a research note on Thursday, January 11th. Finally, Truist Financial cut shares of SL Green Realty from a buy rating to a hold rating and upped their price objective for the company from $44.00 to $47.00 in a research note on Tuesday, January 16th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SL Green Realty currently has an average rating of Hold and an average price target of $47.00.

SL Green Realty Trading Down 2.3 %

SLG stock opened at $48.53 on Friday. The firm has a 50 day simple moving average of $49.83 and a 200-day simple moving average of $43.08. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.23 and a quick ratio of 2.23. SL Green Realty has a twelve month low of $20.51 and a twelve month high of $55.75.

SL Green Realty Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 6.18%. The ex-dividend date of this dividend was Wednesday, March 27th. SL Green Realty’s payout ratio is -36.32%.

Insider Activity

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

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James & Associates boosted its holdings in SL Green Realty by 24.8% in the 1st quarter. Raymond James & Associates now owns 9,662 shares of the real estate investment trust’s stock worth $784,000 after buying an additional 1,923 shares during the last quarter. HighTower Advisors LLC bought a new position in shares of SL Green Realty during the 1st quarter valued at about $278,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of SL Green Realty in the 1st quarter valued at approximately $662,000. MetLife Investment Management LLC lifted its holdings in shares of SL Green Realty by 27.2% during the 1st quarter. MetLife Investment Management LLC now owns 41,120 shares of the real estate investment trust’s stock worth $3,338,000 after acquiring an additional 8,784 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in SL Green Realty by 6.2% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,494 shares of the real estate investment trust’s stock valued at $1,907,000 after purchasing an additional 1,371 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.