SL Green Realty (NYSE:SLG) was downgraded by research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report issued on Monday, The Fly reports.
Other analysts also recently issued reports about the stock. Citigroup reduced their target price on shares of SL Green Realty from $105.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Zacks Investment Research raised shares of SL Green Realty from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research report on Wednesday, September 11th. Robert W. Baird set a $92.00 target price on shares of SL Green Realty and gave the stock a “hold” rating in a research report on Wednesday, August 21st. ValuEngine downgraded shares of SL Green Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, June 18th. Finally, Scotiabank downgraded shares of SL Green Realty from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $96.00 to $84.00 in a research report on Friday, August 16th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $93.34.
SL Green Realty stock traded down $0.04 during mid-day trading on Monday, reaching $81.75. 570,179 shares of the company traded hands, compared to its average volume of 649,730. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.91 and a quick ratio of 1.91. The firm’s 50 day moving average price is $79.80 and its 200 day moving average price is $84.47. The firm has a market capitalization of $6.78 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 3.44 and a beta of 1.10. SL Green Realty has a 52-week low of $75.46 and a 52-week high of $98.04.
SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $1.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.21. The firm had revenue of $244.96 million for the quarter, compared to the consensus estimate of $241.61 million. SL Green Realty had a net margin of 19.88% and a return on equity of 3.99%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.69 EPS. On average, sell-side analysts anticipate that SL Green Realty will post 6.92 EPS for the current year.
In related news, Director Edwin T. Burton III sold 7,000 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $81.00, for a total transaction of $567,000.00. Following the sale, the director now directly owns 292 shares of the company’s stock, valued at approximately $23,652. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.99% of the company’s stock.
A number of hedge funds have recently made changes to their positions in SLG. Price T Rowe Associates Inc. MD lifted its stake in SL Green Realty by 0.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 6,426,522 shares of the real estate investment trust’s stock valued at $516,499,000 after acquiring an additional 31,325 shares during the period. Invesco Ltd. lifted its stake in SL Green Realty by 62.3% during the 2nd quarter. Invesco Ltd. now owns 2,652,268 shares of the real estate investment trust’s stock valued at $213,162,000 after acquiring an additional 1,018,128 shares during the period. Nuveen Asset Management LLC lifted its stake in SL Green Realty by 942.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,586,903 shares of the real estate investment trust’s stock valued at $127,539,000 after acquiring an additional 1,434,729 shares during the period. Northern Trust Corp lifted its stake in SL Green Realty by 1.1% during the 2nd quarter. Northern Trust Corp now owns 1,311,739 shares of the real estate investment trust’s stock valued at $105,424,000 after acquiring an additional 13,695 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in SL Green Realty by 1.2% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,218,427 shares of the real estate investment trust’s stock valued at $97,925,000 after acquiring an additional 13,878 shares during the period. 99.37% of the stock is currently owned by 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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