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 Performance

SLG traded up $1.35 on Wednesday, hitting $49.67. 2,351,831 shares of the stock traded hands, compared to its average volume of 1,304,239. SL Green Realty has a 52 week low of $20.51 and a 52 week high of $55.75. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $3.22 billion, a PE ratio of -5.53, a P/E/G ratio of 1.66 and a beta of 1.71. The business has a fifty day moving average price of $49.62 and a two-hundred day moving average price of $43.00.

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 6.04%. The ex-dividend date was Wednesday, March 27th. SL Green Realty’s payout ratio is -33.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SLG shares. Piper Sandler reaffirmed an overweight rating and set a $58.00 price objective on shares of SL Green Realty in a report on Tuesday, March 26th. The Goldman Sachs Group lifted their price objective on SL Green Realty from $30.00 to $36.00 and gave the company a sell rating in a report on Thursday, January 11th. Morgan Stanley lifted their price objective on SL Green Realty from $41.00 to $47.00 and gave the company an equal weight rating in a report on Thursday, March 28th. Truist Financial downgraded SL Green Realty from a buy rating to a hold rating and lifted their price objective for the company from $44.00 to $47.00 in a report on Tuesday, January 16th. Finally, TheStreet raised SL Green Realty from a d+ rating to a c- rating in a report on Wednesday, January 10th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $45.83.

Insiders Place Their Bets

In other SL Green Realty news, 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 transaction was disclosed in a filing with the SEC, which is available at this link. In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $467,491.50. Following the sale, the director now owns 6,886 shares of the company’s stock, valued at approximately $325,363.50. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

Institutional Trading of SL Green Realty

Large investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. increased its position in shares of SL Green Realty by 92.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 747 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of SL Green Realty in the 4th quarter valued at $95,000. Horizon Investments LLC bought a new stake in shares of SL Green Realty in the 1st quarter valued at $214,000. Mirabella Financial Services LLP bought a new stake in shares of SL Green Realty in the 1st quarter valued at $222,000. Finally, HighTower Advisors LLC bought a new stake in shares of SL Green Realty in the 1st quarter valued at $278,000. Institutional investors own 89.96% of the company’s stock.

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.