SL Green Realty (NYSE:SLG) Shares Gap Down After Earnings Miss

SL Green Realty Corp. (NYSE:SLG – Get Free Report) shares gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $35.94, but opened at $34.60. SL Green Realty shares last traded at $33.75, with a volume of 551,028 shares trading hands.

The real estate investment trust reported ($5.63) EPS for the quarter, missing the consensus estimate of $1.33 by ($6.96). The business had revenue of $221.07 million for the quarter, compared to analyst estimates of $178.80 million. SL Green Realty had a negative net margin of 14.56% and a negative return on equity of 2.65%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.87 earnings per share.

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SL Green Realty Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were paid a dividend of $0.271 per share. The ex-dividend date was Thursday, June 29th. This represents a $3.25 annualized dividend and a dividend yield of 9.68%. SL Green Realty’s dividend payout ratio (DPR) is -145.74%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup lowered their target price on shares of SL Green Realty from $35.00 to $17.00 and set a “sell” rating on the stock in a research note on Monday, March 27th. Morgan Stanley reiterated an “equal weight” rating and set a $21.00 target price on shares of SL Green Realty in a research report on Wednesday. Evercore ISI reduced their target price on shares of SL Green Realty from $38.00 to $33.00 and set an “in-line” rating on the stock in a research report on Monday, March 27th. Barclays boosted their price target on shares of SL Green Realty from $22.00 to $26.00 in a research note on Tuesday, June 27th. Finally, BMO Capital Markets boosted their price target on shares of SL Green Realty from $30.00 to $32.00 in a research note on Monday, April 24th. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $33.43.

Insiders Place Their Bets

In other SL Green Realty news, Director Betsy S. Atkins sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $21.47, for a total transaction of $107,350.00. Following the completion of the transaction, the director now owns 11,662 shares in the company, valued at approximately $250,383.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 5.60% of the company’s stock.

Institutional Trading of SL Green Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. boosted its holdings in SL Green Realty by 9.6% during the 1st quarter. BlackRock Inc. now owns 11,246,072 shares of the real estate investment trust’s stock worth $264,508,000 after acquiring an additional 988,677 shares during the last quarter. Norges Bank bought a new position in SL Green Realty during the fourth quarter worth about $24,417,000. Balyasny Asset Management L.P. boosted its position in SL Green Realty by 111.3% during the first quarter. Balyasny Asset Management L.P. now owns 1,139,857 shares of the real estate investment trust’s stock worth $26,809,000 after purchasing an additional 600,284 shares during the period. Alyeska Investment Group L.P. purchased a new stake in SL Green Realty in the first quarter valued at approximately $10,985,000. Finally, Natixis purchased a new stake in SL Green Realty in the fourth quarter valued at approximately $15,655,000. Institutional investors own 85.06% of the company’s stock.

SL Green Realty Price Performance

The firm has a market capitalization of $2.16 billion, a PE ratio of -15.07, a P/E/G ratio of 0.56 and a beta of 1.56. The business’s 50 day moving average is $26.81 and its two-hundred day moving average is $29.29. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.52 and a quick ratio of 2.52.

SL Green Realty Company Profile

(Get Free Report)

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.

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