SL Green Realty (NYSE:SLG) Raised to Strong-Buy at Zacks Research

by · The Markets Daily

SL Green Realty (NYSE:SLG – Get Free Report) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday, Zacks reports.

Several other brokerages have also recently issued reports on SLG. Barclays raised their target price on shares of SL Green Realty from $52.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 8th. Truist Financial set a $57.00 price target on shares of SL Green Realty and gave the company a “hold” rating in a research report on Monday, August 24th. Wells Fargo & Company set a $56.50 price target on shares of SL Green Realty and gave the stock an “equal weight” rating in a report on Tuesday, September 1st. LADENBURG THALM/SH SH boosted their price objective on shares of SL Green Realty from $42.00 to $46.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Finally, Morgan Stanley set a $52.00 price objective on shares of SL Green Realty and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $57.42.

View Our Latest Analysis on SLG

SL Green Realty Trading Down 4.9%

NYSE SLG opened at $49.93 on Tuesday. SL Green Realty has a 1-year low of $34.77 and a 1-year high of $61.80. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05. The stock has a 50-day moving average of $54.49 and a 200-day moving average of $47.68. The firm has a market cap of $3.55 billion, a PE ratio of -18.29, a price-to-earnings-growth ratio of 3.05 and a beta of 1.60.

SL Green Realty (NYSE:SLG – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.21. The business had revenue of $264.00 million for the quarter, compared to analyst estimates of $179.01 million. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.SL Green Realty’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period last year, the company earned $1.63 EPS. As a group, sell-side analysts forecast that SL Green Realty will post 5.56 EPS for the current year.

Insider Buying and Selling

In related news, insider Harrison Sitomer sold 23,113 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the completion of the sale, the insider owned 109,468 shares of the company’s stock, valued at $6,317,398.28. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.94% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SLG. Sequoia Financial Advisors LLC raised its holdings in SL Green Realty by 11.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,694 shares of the real estate investment trust’s stock worth $761,000 after purchasing an additional 1,492 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of SL Green Realty during the 2nd quarter valued at about $33,000. NewEdge Advisors LLC boosted its stake in shares of SL Green Realty by 1,110.4% during the 2nd quarter. NewEdge Advisors LLC now owns 4,648 shares of the real estate investment trust’s stock valued at $241,000 after purchasing an additional 4,264 shares in the last quarter. Squarepoint Ops LLC increased its position in shares of SL Green Realty by 66.5% during the second quarter. Squarepoint Ops LLC now owns 182,962 shares of the real estate investment trust’s stock valued at $9,472,000 after buying an additional 73,042 shares during the period. Finally, Allworth Financial LP increased its position in shares of SL Green Realty by 24.3% during the second quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust’s stock valued at $132,000 after buying an additional 499 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

About SL Green Realty

(Get Free Report)

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and operating commercial properties in Manhattan. The company’s portfolio is centered on office buildings, with additional interests in retail, residential and other mixed-use real estate.

SL Green leases space to businesses across a range of industries and provides property management, leasing, development and redevelopment services. Its Manhattan holdings include prominent office properties such as One Vanderbilt, along with retail and hospitality-related assets.

Featured Articles