SL Green Realty (NYSE:SLG) Shares Up 8.8% After Earnings Beat

SL Green Realty Corporation (NYSE:SLG)’s share price rose 8.8% on Thursday following a stronger than expected earnings report. The company traded as high as $54.99 and last traded at $54.5490. Approximately 548,842 shares changed hands during trading, a decline of 57% from the average session volume of 1,262,073 shares. The stock had previously closed at $50.12.

The real estate investment trust reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.21. The company had revenue of $171.85 million during the quarter, compared to analysts’ expectations of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.43%. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.63 EPS. SL Green Realty has set its FY 2026 guidance at 5.600-5.900 EPS.

SL Green Realty Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.6175 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.47 annualized dividend and a dividend yield of 4.5%. SL Green Realty’s payout ratio is -98.41%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Citigroup restated a “buy” rating and set a $60.00 price objective (up from $45.00) on shares of SL Green Realty in a research note on Friday. Truist Financial increased their target price on SL Green Realty from $44.00 to $46.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Weiss Ratings upgraded SL Green Realty from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, May 28th. Barclays set a $52.00 price target on shares of SL Green Realty and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Scotiabank reaffirmed an “outperform” rating and issued a $56.00 price target (up from $53.00) on shares of SL Green Realty in a report on Tuesday. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and a consensus target price of $54.75.

Institutional Trading of SL Green Realty

Institutional investors and hedge funds have recently bought and sold shares of the company. Cohen & Steers Inc. bought a new position in SL Green Realty during the 4th quarter worth approximately $121,675,000. Goldman Sachs Group Inc. increased its holdings in shares of SL Green Realty by 62.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock valued at $133,862,000 after acquiring an additional 1,117,357 shares during the last quarter. Norges Bank bought a new stake in shares of SL Green Realty in the 4th quarter valued at approximately $44,094,000. M&T Bank Corp acquired a new stake in shares of SL Green Realty during the 4th quarter valued at approximately $43,201,000. Finally, Victory Capital Management Inc. raised its position in shares of SL Green Realty by 535.3% during the 4th quarter. Victory Capital Management Inc. now owns 1,107,618 shares of the real estate investment trust’s stock valued at $50,806,000 after acquiring an additional 933,272 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Price Performance

The company has a 50 day moving average of $48.91 and a 200-day moving average of $44.15. The stock has a market capitalization of $3.90 billion, a P/E ratio of -20.01 and a beta of 1.58. The company has a quick ratio of 3.03, a current ratio of 3.10 and a debt-to-equity ratio of 1.12.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.