SL Green Realty (SLG) Posts Quarterly Earnings Results, Misses Estimates By $0.66 EPS
SL Green Realty (NYSE:SLG) announced its quarterly earnings data on Wednesday. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.66), Fidelity Earnings reports. The company had revenue of $250.87 million during the quarter, compared to analysts’ expectations of $242.18 million. SL Green Realty had a net margin of 21.45% and a return on equity of 4.24%. The business’s quarterly revenue was down 21.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.49 EPS.
SLG stock traded up $0.83 during trading on Thursday, hitting $93.00. 8,144 shares of the company’s stock were exchanged, compared to its average volume of 851,724. The stock has a market cap of $8.44 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 3.02 and a beta of 1.10. SL Green Realty has a 52-week low of $89.46 and a 52-week high of $106.54. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.91.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were paid a dividend of $0.8125 per share. This represents a $3.25 annualized dividend and a yield of 3.49%. The ex-dividend date was Thursday, September 27th. SL Green Realty’s payout ratio is 50.39%.
Several brokerages have recently issued reports on SLG. Scotiabank began coverage on SL Green Realty in a research note on Tuesday. They issued an “outperform” rating for the company. ValuEngine upgraded SL Green Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. BMO Capital Markets restated a “$100.62” rating and set a $115.00 target price on shares of SL Green Realty in a research note on Wednesday, July 18th. Citigroup decreased their target price on SL Green Realty from $118.00 to $116.00 and set a “buy” rating for the company in a research note on Tuesday, July 24th. Finally, JPMorgan Chase & Co. cut SL Green Realty from an “overweight” rating to a “neutral” rating in a research note on Friday, October 5th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. SL Green Realty currently has a consensus rating of “Hold” and a consensus price target of $110.54.
SL Green Realty Company Profile
SL Green Realty Corp. is a real estate investment trust, which engages in property management, acquisitions and dispositions, financing, development and redevelopment, construction, and leasing. It operates through the Real Estate, and Debt and Preferred Equity Investments segments. The Real Estate segment consists of security, maintenance, utility costs, real estate taxes and, at certain properties, ground rent expense.
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