Q2 2023 EPS Estimates for SL Green Realty Corp. (NYSE:SLG) Lowered by Zacks Research

Posted by Defense World Staff on May 6th, 2023

SL Green Realty Corp. (NYSE:SLG – Get Rating) – Investment analysts at Zacks Research lowered their Q2 2023 EPS estimates for shares of SL Green Realty in a research note issued on Wednesday, May 3rd. Zacks Research analyst M. Chattopadhyay now expects that the real estate investment trust will post earnings of $1.32 per share for the quarter, down from their prior forecast of $1.35. The consensus estimate for SL Green Realty’s current full-year earnings is $5.47 per share. Zacks Research also issued estimates for SL Green Realty’s Q3 2023 earnings at $1.30 EPS, Q4 2023 earnings at $1.27 EPS, FY2023 earnings at $5.42 EPS, Q1 2024 earnings at $1.30 EPS, Q2 2024 earnings at $1.33 EPS, Q3 2024 earnings at $1.32 EPS, Q4 2024 earnings at $1.34 EPS, FY2024 earnings at $5.28 EPS, Q1 2025 earnings at $1.34 EPS and FY2025 earnings at $5.50 EPS.

A number of other research firms have also recently weighed in on SLG. Barclays cut shares of SL Green Realty from an “equal weight” rating to an “underweight” rating and set a $22.00 target price on the stock. in a research note on Thursday, March 23rd. Wells Fargo & Company decreased their price target on shares of SL Green Realty from $36.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 16th. Morgan Stanley decreased their price target on shares of SL Green Realty from $35.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Friday, March 31st. The Goldman Sachs Group began coverage on shares of SL Green Realty in a research note on Tuesday, March 21st. They issued a “sell” rating and a $18.00 price target on the stock. Finally, Evercore ISI decreased their price target on shares of SL Green Realty from $38.00 to $33.00 and set an “in-line” rating on the stock in a research note on Monday, March 27th. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $36.19.

SL Green Realty Stock Up 5.5 %

SLG opened at $22.62 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 2.64 and a current ratio of 2.52. SL Green Realty has a fifty-two week low of $19.06 and a fifty-two week high of $69.35. The firm’s fifty day moving average is $25.80 and its 200 day moving average is $33.66. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -9.96 and a beta of 1.48.

SL Green Realty (NYSE:SLG – Get Rating) last issued its quarterly earnings data on Thursday, April 20th. The real estate investment trust reported ($0.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($2.05). SL Green Realty had a negative net margin of 14.56% and a negative return on equity of 2.65%. The business had revenue of $223.58 million for the quarter, compared to the consensus estimate of $193.56 million. During the same period in the previous year, the firm earned $1.65 EPS. The company’s revenue was up 18.9% on a year-over-year basis.

SL Green Realty Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, May 15th. Investors of record on Friday, April 28th will be given a $0.2708 dividend. This represents a $3.25 dividend on an annualized basis and a yield of 14.37%. The ex-dividend date of this dividend is Thursday, April 27th. SL Green Realty’s dividend payout ratio (DPR) is currently -145.74%.

Insider Buying and Selling

In related news, CFO Matthew J. Diliberto bought 10,000 shares of SL Green Realty stock in a transaction dated Friday, March 24th. The shares were acquired at an average cost of $16.44 per share, with a total value of $164,400.00. Following the completion of the transaction, the chief financial officer now owns 13,000 shares in the company, valued at approximately $213,720. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Matthew J. Diliberto bought 10,000 shares of SL Green Realty stock in a transaction dated Friday, March 24th. The shares were acquired at an average cost of $16.44 per share, with a total value of $164,400.00. Following the completion of the transaction, the chief financial officer now owns 13,000 shares in the company, valued at approximately $213,720. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Craig M. Hatkoff sold 9,000 shares of the firm’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $34.31, for a total transaction of $308,790.00. Following the transaction, the director now directly owns 2,052 shares in the company, valued at $70,404.12. The disclosure for this sale can be found here. 5.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently modified their holdings of SLG. Quent Capital LLC acquired a new stake in SL Green Realty in the first quarter valued at approximately $29,000. Rockefeller Capital Management L.P. boosted its stake in SL Green Realty by 255.1% in the third quarter. Rockefeller Capital Management L.P. now owns 806 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 579 shares in the last quarter. Wipfli Financial Advisors LLC acquired a new stake in SL Green Realty in the third quarter valued at approximately $32,000. CWM LLC boosted its stake in SL Green Realty by 583.3% in the fourth quarter. CWM LLC now owns 1,066 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 910 shares in the last quarter. Finally, Ellevest Inc. boosted its stake in SL Green Realty by 437.0% in the first quarter. Ellevest Inc. now owns 1,552 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 1,263 shares in the last quarter. 82.00% of the stock is currently owned by institutional investors.

About SL Green Realty

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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.