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

Key Points

• Zacks Research upgraded SL Green Realty from “hold” to “strong-buy,” although the broader analyst consensus remains “hold” with an average price target of $57.42.
• SL Green opened at $49.93, down 4.9%, with shares trading between a 12-month low of $34.77 and high of $61.80. The company recently exceeded quarterly revenue and EPS expectations, reporting $264 million in revenue and an adjusted EPS loss of $0.38.
• Institutional investors own nearly 90% of SL Green’s stock, while insider Harrison Sitomer recently sold 23,113 shares for approximately $1.33 million.

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

SLG has been the topic of several other research reports. LADENBURG THALM/SH SH raised their target price on shares of SL Green Realty from $42.00 to $46.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Barclays boosted their price target 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. Scotiabank reduced their price objective on shares of SL Green Realty from $60.00 to $59.00 and set a "sector outperform" rating on the stock in a report on Thursday, September 17th. JPMorgan Chase & Co. lifted their price objective on shares of SL Green Realty from $51.00 to $61.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 25th. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $60.00 target price (up from $52.00) on shares of SL Green Realty in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, SL Green Realty currently has an average rating of "Hold" and an average target price of $57.42.

SL Green Realty Trading Down 4.9%

SLG opened at $49.93 on Tuesday. The business has a fifty day moving average price of $54.49 and a 200 day moving average price of $47.68. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.10 and a quick ratio of 3.10. SL Green Realty has a 12 month low of $34.77 and a 12 month high of $61.80. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -18.29, a PEG 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, beating analysts' consensus estimates of ($0.59) by $0.21. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The company had revenue of $264.00 million for the quarter, compared to analyst estimates of $179.01 million. During the same quarter last year, the company earned $1.63 EPS. SL Green Realty's revenue for the quarter was up 16.5% compared to the same quarter last year. Sell-side analysts expect that SL Green Realty will post 5.56 earnings per share for the current fiscal year.

Insider Buying and Selling at SL Green Realty

In other news, insider Harrison Sitomer sold 23,113 shares of the stock in a transaction that occurred 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 directly owned 109,468 shares of the company's stock, valued at approximately $6,317,398.28. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.94% of the company's stock.

Institutional Trading of SL Green Realty

Several institutional investors and hedge funds have recently bought and sold shares of the business. Integrity Alliance LLC. raised its position 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 valued at $274,000 after buying an additional 237 shares during the last quarter. Hantz Financial Services Inc. boosted its position in SL Green Realty by 30.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust's stock worth $74,000 after acquiring an additional 378 shares during the last quarter. ProShare Advisors LLC grew its stake in SL Green Realty by 3.3% in the 4th quarter. ProShare Advisors LLC now owns 13,970 shares of the real estate investment trust's stock worth $641,000 after acquiring an additional 442 shares during the period. Allworth Financial LP grew its stake in SL Green Realty by 24.3% in the 2nd quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust's stock worth $132,000 after acquiring an additional 499 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in SL Green Realty in the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 89.96% of the company's stock.

SL Green Realty Company Profile

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.

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