Zacks: Brokerages Expect SL Green Realty Corp (NYSE:SLG) Will Post Quarterly Sales of $216.35 Million

Equities research analysts predict that SL Green Realty Corp (NYSE:SLG) will report sales of $216.35 million for the current quarter, Zacks reports. Three analysts have provided estimates for SL Green Realty’s earnings, with the highest sales estimate coming in at $218.81 million and the lowest estimate coming in at $213.71 million. SL Green Realty reported sales of $216.48 million during the same quarter last year, which indicates a negative year-over-year growth rate of 0.1%. The firm is expected to announce its next quarterly earnings report on Wednesday, January 22nd.

On average, analysts expect that SL Green Realty will report full year sales of $861.28 million for the current fiscal year, with estimates ranging from $858.28 million to $864.46 million. For the next year, analysts expect that the company will report sales of $848.01 million, with estimates ranging from $832.36 million to $858.23 million. Zacks’ sales calculations are an average based on a survey of research firms that follow SL Green Realty.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by ($1.33). SL Green Realty had a net margin of 15.37% and a return on equity of 3.18%. The company had revenue of $248.03 million for the quarter, compared to the consensus estimate of $243.02 million. During the same period in the prior year, the firm posted $1.69 EPS. The business’s revenue for the quarter was down 1.1% on a year-over-year basis.

SLG has been the topic of several analyst reports. Zacks Investment Research raised shares of SL Green Realty from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a research note on Wednesday, September 11th. ValuEngine upgraded shares of SL Green Realty from a “sell” rating to a “hold” rating in a report on Saturday. Deutsche Bank reduced their price objective on shares of SL Green Realty from $106.00 to $96.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. Scotiabank downgraded SL Green Realty from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $96.00 to $84.00 in a research note on Friday, August 16th. Finally, Morgan Stanley lowered their target price on SL Green Realty from $84.50 to $78.00 and set an “underweight” rating for the company in a research note on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. SL Green Realty has a consensus rating of “Hold” and a consensus price target of $93.85.

Shares of NYSE SLG traded up $1.34 during midday trading on Friday, hitting $89.94. The company’s stock had a trading volume of 1,925,009 shares, compared to its average volume of 672,496. SL Green Realty has a 12-month low of $75.46 and a 12-month high of $94.88. The firm has a market cap of $6.96 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. The business’s 50 day moving average is $84.63 and its two-hundred day moving average is $82.56. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.99.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be given a dividend of $0.885 per share. This represents a $3.54 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from SL Green Realty’s previous quarterly dividend of $0.85. SL Green Realty’s dividend payout ratio is 51.36%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLG. Marshall Wace North America L.P. bought a new stake in SL Green Realty during the 1st quarter valued at $72,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in SL Green Realty by 11.6% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 401,529 shares of the real estate investment trust’s stock worth $32,271,000 after purchasing an additional 41,648 shares in the last quarter. SG Americas Securities LLC raised its holdings in SL Green Realty by 47.6% during the second quarter. SG Americas Securities LLC now owns 135,128 shares of the real estate investment trust’s stock worth $10,860,000 after purchasing an additional 43,589 shares in the last quarter. Stoneridge Investment Partners LLC purchased a new position in SL Green Realty in the second quarter valued at about $642,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of SL Green Realty by 7.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,846 shares of the real estate investment trust’s stock worth $3,444,000 after purchasing an additional 3,071 shares in the last quarter. 98.89% of the stock is owned by hedge funds and other institutional investors.

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 March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.

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Earnings History and Estimates for SL Green Realty (NYSE:SLG)

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