SL Green Realty Corp (SLG) Expected to Announce Quarterly Sales of $214.96 Million

Equities analysts expect SL Green Realty Corp (NYSE:SLG) to post sales of $214.96 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for SL Green Realty’s earnings, with estimates ranging from $212.54 million to $217.02 million. SL Green Realty reported sales of $215.37 million in the same quarter last year, which would suggest a negative year over year growth rate of 0.2%. The company is scheduled to report its next earnings report on Wednesday, April 17th.

According to Zacks, analysts expect that SL Green Realty will report full year sales of $853.90 million for the current year, with estimates ranging from $829.29 million to $871.33 million. For the next year, analysts expect that the business will post sales of $852.94 million, with estimates ranging from $824.27 million to $874.60 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for SL Green Realty.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, January 23rd. The real estate investment trust reported ($0.73) EPS for the quarter, missing the Zacks’ consensus estimate of $1.72 by ($2.45). SL Green Realty had a net margin of 20.15% and a return on equity of 3.82%. The business had revenue of $317.04 million during the quarter, compared to the consensus estimate of $255.12 million. During the same period in the previous year, the business posted $1.60 EPS. The firm’s revenue was down 12.3% on a year-over-year basis.

A number of research analysts recently commented on SLG shares. ValuEngine raised shares of SL Green Realty from a “sell” rating to a “hold” rating in a report on Wednesday, October 24th. Wells Fargo & Co set a $94.00 price target on shares of SL Green Realty and gave the company a “market perform” rating in a report on Wednesday, January 16th. JPMorgan Chase & Co. downgraded shares of SL Green Realty from a “neutral” rating to an “underweight” rating in a report on Wednesday, December 19th. Goldman Sachs Group downgraded shares of SL Green Realty from a “buy” rating to a “neutral” rating and lowered their price target for the company from $115.00 to $92.00 in a report on Tuesday, January 15th. Finally, SunTrust Banks raised shares of SL Green Realty from a “hold” rating to a “buy” rating and set a $86.79 price target for the company in a report on Tuesday, January 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $102.65.

Shares of NYSE:SLG opened at $92.27 on Thursday. The company has a quick ratio of 1.93, a current ratio of 2.05 and a debt-to-equity ratio of 0.92. SL Green Realty has a 12 month low of $76.77 and a 12 month high of $106.54. The stock has a market capitalization of $7.72 billion, a P/E ratio of 13.94, a price-to-earnings-growth ratio of 2.91 and a beta of 1.34.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 15th. Shareholders of record on Wednesday, January 2nd were paid a $0.85 dividend. The ex-dividend date was Monday, December 31st. This represents a $3.40 annualized dividend and a yield of 3.68%. This is an increase from SL Green Realty’s previous quarterly dividend of $0.81. SL Green Realty’s dividend payout ratio (DPR) is presently 51.36%.

In other SL Green Realty news, Director Craig M. Hatkoff sold 2,500 shares of the firm’s stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $92.24, for a total value of $230,600.00. Following the completion of the sale, the director now owns 2,352 shares of the company’s stock, valued at $216,948.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Holliday sold 55,000 shares of the firm’s stock in a transaction dated Wednesday, December 19th. The stock was sold at an average price of $85.04, for a total transaction of $4,677,200.00. The disclosure for this sale can be found here. In the last three months, insiders sold 167,500 shares of company stock valued at $14,063,100. 3.65% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in SLG. Exane Asset Management purchased a new position in shares of SL Green Realty during the fourth quarter worth approximately $118,000. Enlightenment Research LLC purchased a new position in shares of SL Green Realty during the fourth quarter worth approximately $134,000. Point72 Hong Kong Ltd increased its position in shares of SL Green Realty by 324.3% during the third quarter. Point72 Hong Kong Ltd now owns 1,939 shares of the real estate investment trust’s stock worth $189,000 after acquiring an additional 1,482 shares during the period. Advisors Capital Management LLC purchased a new position in shares of SL Green Realty during the fourth quarter worth approximately $212,000. Finally, Commerzbank Aktiengesellschaft FI increased its position in shares of SL Green Realty by 13.0% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 2,815 shares of the real estate investment trust’s stock worth $223,000 after acquiring an additional 323 shares during the period.

SL Green Realty Company Profile

SL Green Realty Corp., an S&P 500 company and New York City'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 September 30, 2018, SL Green held interests in 106 Manhattan buildings totaling 46.4 million square feet.

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