SL Green Realty (NYSE:SLG) Receives Sell (D+) Rating from Weiss Ratings

Key Points

• SL Green Realty's stock has been assigned a Sell (D+) rating by Weiss Ratings, with a consensus price target of $67.79.
• Recent upgrades from various analysts include a price increase from Evercore ISI which raised the target from $73.00 to $76.00, while Citigroup upgraded the stock from "neutral" to "buy" with a new target of $70.00.
• Despite positive quarterly earnings that surpassed estimates, SL Green Realty's stock has seen a 1.7% decline in value, reflecting ongoing market challenges and a negative net margin of 2.21%.

SL Green Realty (NYSE:SLG - Get Free Report)'s stock had its "sell (d+)" rating reiterated by analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Several other analysts also recently commented on the stock. Evercore ISI raised their target price on shares of SL Green Realty from $73.00 to $76.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. Scotiabank upgraded shares of SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 target price on the stock in a report on Friday, July 25th. Citigroup upgraded shares of SL Green Realty from a "neutral" rating to a "buy" rating and raised their target price for the stock from $65.00 to $70.00 in a report on Friday, September 12th. Truist Financial raised their target price on shares of SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. dropped their target price on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Five analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $67.79.

SL Green Realty Trading Down 1.7%

Shares of NYSE:SLG traded down $1.00 during mid-day trading on Wednesday, reaching $58.07. The stock had a trading volume of 781,334 shares, compared to its average volume of 929,018. The firm has a market cap of $4.14 billion, a PE ratio of -107.54 and a beta of 1.77. The firm has a 50 day simple moving average of $58.32 and a two-hundred day simple moving average of $58.18. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.98. SL Green Realty has a twelve month low of $45.15 and a twelve month high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, beating analysts' consensus estimates of $1.37 by $0.26. The business had revenue of $147.54 million for the quarter, compared to the consensus estimate of $171.24 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. SL Green Realty's revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the company posted $2.05 EPS. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. On average, research analysts predict that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insider Activity

In related news, Director Carol N. Brown sold 937 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $63.09, for a total value of $59,115.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 5.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of SL Green Realty by 2.6% in the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock valued at $641,238,000 after buying an additional 283,009 shares in the last quarter. State Street Corp grew its stake in shares of SL Green Realty by 1.0% in the second quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust's stock valued at $264,636,000 after buying an additional 41,873 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of SL Green Realty by 0.4% in the second quarter. Geode Capital Management LLC now owns 1,833,682 shares of the real estate investment trust's stock valued at $113,518,000 after buying an additional 6,690 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of SL Green Realty by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust's stock valued at $97,851,000 after buying an additional 130,206 shares in the last quarter. Finally, Prudential Financial Inc. grew its stake in shares of SL Green Realty by 104.1% in the second quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust's stock valued at $100,439,000 after buying an additional 827,407 shares in the last quarter. 89.96% of the stock is owned by institutional investors.

SL Green Realty Company Profile

3SL Green Realty Corp., Manhattan'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 June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.

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