SL Green Realty (NYSE:SLG) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded SL Green Realty from “strong sell” to “sell,” while the broader analyst consensus remains “Hold” with a $56.83 target price.
• SLG shares opened at $55.56, within a 12-month range of $34.77 to $66.29. The REIT reported quarterly revenue of $264 million, above the $179.01 million consensus estimate, and EPS of $(0.38), better than expected.
• Insider Harrison Sitomer sold 23,113 shares worth approximately $1.33 million, while institutional investors own nearly 90% of the company.

SL Green Realty (NYSE:SLG - Get Free Report) was upgraded by analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

SLG has been the topic of a number of other reports. 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. Barclays set a $52.00 target price on shares of SL Green Realty and gave the company an "equal weight" rating in a research report on Tuesday, July 21st. Evercore lowered SL Green Realty from an "outperform" rating to an "in-line" rating and set a $56.00 price target on the stock. in a research report on Monday, July 6th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of SL Green Realty in a research note on Tuesday, August 25th. Finally, JPMorgan Chase & Co. upped their price objective on SL Green Realty from $51.00 to $61.00 and gave the company a "neutral" rating in a report on Tuesday, August 25th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $56.83.

SL Green Realty Price Performance

Shares of SLG stock opened at $55.56 on Friday. The firm has a market cap of $3.95 billion, a price-to-earnings ratio of -20.35, a PEG ratio of 2.37 and a beta of 1.60. SL Green Realty has a 12 month low of $34.77 and a 12 month high of $66.29. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. The stock has a 50-day moving average price of $54.07 and a 200 day moving average price of $46.37.

SL Green Realty (NYSE:SLG - Get Free Report) last released its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The company had revenue of $264.00 million for the quarter, compared to the consensus estimate of $179.01 million. During the same period in the prior year, the company posted $1.63 EPS. The company's revenue was up 16.5% compared to the same quarter last year. Research analysts expect that SL Green Realty will post 5.53 EPS for the current year.

Insider Activity

In other news, insider Harrison Sitomer sold 23,113 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $57.71, for a total value of $1,333,851.23. Following the completion of the transaction, the insider owned 109,468 shares of the company's stock, valued at $6,317,398.28. The trade was a 17.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.94% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLG. Integrity Alliance LLC. increased its holdings in shares of SL Green Realty by 4.1% in the fourth quarter. Integrity Alliance LLC. now owns 5,970 shares of the real estate investment trust's stock worth $274,000 after acquiring an additional 237 shares in the last quarter. Empowered Funds LLC grew its position in shares of SL Green Realty by 6.2% in the 4th quarter. Empowered Funds LLC now owns 6,220 shares of the real estate investment trust's stock valued at $285,000 after purchasing an additional 361 shares during the period. Hantz Financial Services Inc. increased its stake in SL Green Realty by 30.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust's stock worth $74,000 after purchasing an additional 378 shares in the last quarter. ProShare Advisors LLC increased its stake in SL Green Realty by 3.3% during the 4th quarter. ProShare Advisors LLC now owns 13,970 shares of the real estate investment trust's stock worth $641,000 after purchasing an additional 442 shares in the last quarter. Finally, Fourth Dimension Wealth LLC raised its holdings in SL Green Realty by 45.5% during the 4th quarter. Fourth Dimension Wealth LLC now owns 1,600 shares of the real estate investment trust's stock worth $73,000 after buying an additional 500 shares during the period. 89.96% of the stock is currently owned by institutional investors.

About SL Green Realty

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.

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