SL Green Realty (NYSE:SLG) Downgraded by Wall Street Zen to Strong Sell

Key Points

• Wall Street Zen downgraded SL Green Realty from “sell” to “strong sell,” although the broader analyst consensus remains “Hold” with a $55.15 target price.
• SL Green shares rose 3.5% to $56.40, trading above their 50-day and 200-day moving averages; the stock’s 52-week range is $34.77 to $66.29.
• The REIT beat quarterly expectations, reporting a $0.38-per-share loss versus the forecasted $0.59 loss and revenue of $264 million, up 16.5% year over year, despite negative margins and return on equity.

SL Green Realty (NYSE:SLG - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report issued on Saturday.

Several other research analysts have also recently commented on SLG. Wells Fargo & Company increased their price target on SL Green Realty from $40.00 to $44.00 and gave the company an "equal weight" rating in a research report on Monday, June 1st. Truist Financial boosted their price target on SL Green Realty from $44.00 to $46.00 and gave the stock a "hold" rating in a research report on Wednesday, April 22nd. Piper Sandler set a $79.00 price objective on SL Green Realty and gave the stock an "overweight" rating in a research note on Friday, July 24th. BMO Capital Markets reissued an "outperform" rating and issued a $60.00 price objective (up from $52.00) on shares of SL Green Realty in a report on Monday, July 27th. Finally, Citigroup reissued a "buy" rating and issued a $60.00 target price (up from $45.00) on shares of SL Green Realty in a research note on Friday, July 24th. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $55.15.

SL Green Realty Trading Up 3.5%

Shares of NYSE:SLG opened at $56.40 on Friday. The company's 50-day moving average price is $51.08 and its two-hundred day moving average price is $44.56. The company has a debt-to-equity ratio of 1.12, a current ratio of 3.10 and a quick ratio of 3.03. SL Green Realty has a one year low of $34.77 and a one year high of $66.29. The stock has a market capitalization of $4.03 billion, a PE ratio of -20.66, a price-to-earnings-growth ratio of 2.43 and a beta of 1.58.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, topping analysts' consensus estimates of ($0.59) by $0.21. The company had revenue of $264.00 million during the quarter, compared to the consensus estimate 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 company's quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 EPS. On average, equities analysts forecast that SL Green Realty will post 5.35 EPS for the current fiscal year.

Institutional Trading of SL Green Realty

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in SL Green Realty in the 2nd quarter valued at $706,881,000. Cohen & Steers Inc. bought a new position in SL Green Realty during the fourth quarter worth $121,675,000. Deutsche Bank AG bought a new position in SL Green Realty during the second quarter worth $58,202,000. Goldman Sachs Group Inc. increased its holdings in shares of SL Green Realty by 62.0% in the fourth 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 purchasing an additional 1,117,357 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of SL Green Realty in the fourth quarter valued at $44,094,000. Institutional investors own 89.96% of the company's stock.

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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