Barclays Cuts SL Green Realty (NYSE:SLG) Price Target to $43.00

SL Green Realty (NYSE:SLG) had its target price cut by Barclays from $54.00 to $43.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

A number of other brokerages also recently weighed in on SLG. Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a report on Wednesday, January 21st. Zacks Research cut SL Green Realty from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 13th. BMO Capital Markets reduced their price objective on SL Green Realty from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 8th. Deutsche Bank Aktiengesellschaft set a $45.00 price objective on SL Green Realty in a research report on Tuesday, January 6th. Finally, Mizuho set a $38.00 target price on SL Green Realty and gave the stock a “neutral” rating in a research report on Tuesday. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, SL Green Realty currently has an average rating of “Hold” and an average price target of $53.30.

SL Green Realty Trading Down 6.4%

SL Green Realty stock opened at $36.79 on Thursday. The business’s 50-day simple moving average is $44.09 and its 200-day simple moving average is $50.06. SL Green Realty has a 52 week low of $36.12 and a 52 week high of $66.91. The firm has a market capitalization of $2.62 billion, a PE ratio of -22.85 and a beta of 1.63. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.66 and a current ratio of 2.66.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The firm had revenue of $159.82 million for the quarter, compared to analyst estimates of $162.73 million. During the same quarter last year, the firm posted $1.81 EPS. The company’s revenue was up 14.5% on a year-over-year basis. Equities research analysts forecast that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Activity

In related news, CEO Marc Holliday sold 22,223 shares of the firm’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total transaction of $986,701.20. Following the completion of the sale, the chief executive officer directly owned 9,698 shares of the company’s stock, valued at $430,591.20. This trade represents a 69.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew S. Levine sold 1,493 shares of the business’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $45.27, for a total value of $67,588.11. Following the completion of the transaction, the insider directly owned 7,045 shares in the company, valued at approximately $318,927.15. This represents a 17.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Ethic Inc. lifted its position in SL Green Realty by 2.4% during the 3rd quarter. Ethic Inc. now owns 8,132 shares of the real estate investment trust’s stock worth $486,000 after buying an additional 193 shares in the last quarter. MAI Capital Management lifted its position in shares of SL Green Realty by 25.9% during the second quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 203 shares in the last quarter. Amalgamated Bank grew its stake in shares of SL Green Realty by 1.2% during the second quarter. Amalgamated Bank now owns 20,245 shares of the real estate investment trust’s stock valued at $1,253,000 after purchasing an additional 235 shares during the last quarter. Integrity Alliance LLC. raised its position in SL Green Realty by 4.1% in the 4th quarter. Integrity Alliance LLC. now owns 5,970 shares of the real estate investment trust’s stock worth $274,000 after purchasing an additional 237 shares during the last quarter. Finally, Bessemer Group Inc. raised its position in SL Green Realty by 67.8% in the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 253 shares during the last quarter. 89.96% of the stock is owned by institutional investors.

SL Green Realty Company Profile

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.