SL Green Realty (NYSE:SLG) Updates 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 -.

SL Green Realty Trading Up 2.8 %

SLG stock traded up $1.35 during trading on Wednesday, hitting $49.67. The company had a trading volume of 2,351,831 shares, compared to its average volume of 1,304,239. The firm has a market capitalization of $3.22 billion, a P/E ratio of -5.53, a PEG ratio of 1.66 and a beta of 1.71. SL Green Realty has a 52-week low of $20.51 and a 52-week high of $55.75. The company has a 50 day simple moving average of $49.62 and a 200-day simple moving average of $43.00. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.93.

SL Green Realty Dividend Announcement

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

Analyst Upgrades and Downgrades

SLG has been the topic of several recent analyst reports. Truist Financial downgraded shares of SL Green Realty from a buy rating to a hold rating and raised their price target for the stock from $44.00 to $47.00 in a research note on Tuesday, January 16th. The Goldman Sachs Group increased their target price on shares of SL Green Realty from $30.00 to $36.00 and gave the stock a sell rating in a report on Thursday, January 11th. Morgan Stanley increased their target price on shares of SL Green Realty from $41.00 to $47.00 and gave the stock an equal weight rating in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of SL Green Realty in a report on Tuesday, January 30th. They set a hold rating and a $50.00 target price on the stock. Finally, Piper Sandler reiterated an overweight rating and set a $58.00 target price on shares of SL Green Realty in a report on Tuesday, March 26th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SL Green Realty currently has a consensus rating of Hold and an average price target of $45.83.

Insider Activity

In related news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Betsy S. Atkins sold 9,894 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the transaction, the director now directly owns 6,886 shares of the company’s stock, valued at $325,363.50. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently made changes to their positions in the company. Engineers Gate Manager LP increased its holdings in shares of SL Green Realty by 12.8% during the 3rd quarter. Engineers Gate Manager LP now owns 5,574 shares of the real estate investment trust’s stock valued at $224,000 after purchasing an additional 634 shares in the last quarter. Mirabella Financial Services LLP purchased a new position in shares of SL Green Realty during the 1st quarter valued at approximately $222,000. Captrust Financial Advisors purchased a new position in shares of SL Green Realty during the 2nd quarter valued at approximately $220,000. Horizon Investments LLC purchased a new position in shares of SL Green Realty during the 1st quarter valued at approximately $214,000. Finally, CIBC Asset Management Inc purchased a new position in shares of SL Green Realty during the 2nd quarter valued at approximately $211,000. 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.