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 -.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Barclays raised SL Green Realty from an underweight rating to an equal weight rating and boosted their price target for the company from $35.00 to $48.00 in a research note on Wednesday, March 27th. Scotiabank upped their price target on SL Green Realty from $40.00 to $43.00 and gave the stock a sector underperform rating in a research note on Tuesday, April 2nd. Truist Financial downgraded SL Green Realty from a buy rating to a hold rating and boosted their target price for the stock from $44.00 to $47.00 in a research note on Tuesday, January 16th. Piper Sandler reaffirmed an overweight rating and set a $58.00 price objective on shares of SL Green Realty in a research note on Tuesday, March 26th. Finally, Morgan Stanley boosted their price objective on SL Green Realty from $41.00 to $47.00 and gave the stock an equal weight rating in a research report on Thursday, March 28th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, SL Green Realty presently has an average rating of Hold and a consensus target price of $47.00.

SL Green Realty Stock Down 2.3 %

Shares of SL Green Realty stock opened at $48.53 on Friday. The stock has a fifty day moving average price of $49.83 and a 200-day moving average price of $43.08. SL Green Realty has a 1 year low of $20.51 and a 1 year high of $55.75. 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. Stockholders of record on Friday, March 29th were given a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 6.18%. The ex-dividend date was Wednesday, March 27th. SL Green Realty’s dividend payout ratio is presently -36.32%.

Insider Transactions at SL Green Realty

In related news, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Betsy S. Atkins sold 9,894 shares of the stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the sale, the director now owns 6,886 shares of the company’s stock, valued at $325,363.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of large investors have recently modified their holdings of SLG. Rockefeller Capital Management L.P. raised its holdings in SL Green Realty by 92.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 747 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of SL Green Realty during the fourth quarter worth $95,000. Horizon Investments LLC acquired a new stake in SL Green Realty in the 1st quarter valued at $214,000. Mirabella Financial Services LLP acquired a new position in SL Green Realty in the 1st quarter valued at $222,000. Finally, HighTower Advisors LLC acquired a new stake in shares of SL Green Realty during the first quarter worth $278,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.