SL Green Realty (NYSE:SLG) Issues FY24 Earnings Guidance

SL Green Realty (NYSE:SLG) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $7.65-7.95 for the period, compared to the consensus estimate of $7.54. SL Green Realty also updated its FY 2024 guidance to 7.650-7.950 EPS.

SL Green Realty Stock Up 1.7 %

SLG opened at $76.44 on Tuesday. The company has a market capitalization of $5.04 billion, a PE ratio of -30.58, a price-to-earnings-growth ratio of 3.68 and a beta of 1.81. The firm has a 50-day simple moving average of $75.18 and a two-hundred day simple moving average of $66.21. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. SL Green Realty has a 52 week low of $40.30 and a 52 week high of $82.81.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The firm had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. During the same period in the previous year, the company posted $1.27 earnings per share. Analysts forecast that SL Green Realty will post 7.59 earnings per share for the current fiscal year.

SL Green Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.2575 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from SL Green Realty’s previous monthly dividend of $0.25. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.04%. SL Green Realty’s dividend payout ratio (DPR) is -120.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SLG shares. Jefferies Financial Group increased their price objective on shares of SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a research report on Friday, November 22nd. Piper Sandler reiterated an “overweight” rating and issued a $90.00 price target (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Scotiabank boosted their price objective on SL Green Realty from $68.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $44.00 to $66.00 in a report on Friday, September 13th. Finally, Bank of America boosted their target price on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $66.00.

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.