SL Green Realty (NYSE:SLG) Upgraded at Zacks Investment Research
SL Green Realty (NYSE:SLG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The firm currently has a $88.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s target price indicates a potential upside of 6.10% from the stock’s previous close.
According to Zacks, “SL Green owns premium office properties in its portfolio, has a diverse tenant base and enjoys solid balance-sheet strength. With a healthy job-market environment, growth in demand for SL Green’s office spaces is expected to be decent. This will enable the company to enjoy high rent and same-store net operating income (NOI) growth. In fact, expansion of co-working is boosting rents for SL Green. Further, the company is enhancing its office portfolio on the back of redevelopment efforts and non-core asset divestures. However, rising supply of office properties and a competitive landscape might curb its pricing power. Moreover, the company’s retail portfolio will likely be affected by the prevalent retail store closures and tenant bankruptcies. This apart, SL Green’ shares have underperformed its industry in the past three months.”
Several other analysts also recently weighed in on the stock. Scotiabank downgraded shares of SL Green Realty from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $96.00 to $84.00 in a research report on Friday, August 16th. ValuEngine cut shares of SL Green Realty from a “hold” rating to a “sell” rating in a report on Tuesday, June 18th. Citigroup decreased their price target on shares of SL Green Realty from $105.00 to $100.00 and set a “buy” rating for the company in a report on Friday, September 6th. Robert W. Baird set a $92.00 price objective on shares of SL Green Realty and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, Morgan Stanley dropped their price objective on shares of SL Green Realty from $84.50 to $78.00 and set an “underweight” rating on the stock in a report on Tuesday. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $93.34.
SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $1.94 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.73 by $0.21. The firm had revenue of $244.96 million for the quarter, compared to the consensus estimate of $241.61 million. SL Green Realty had a net margin of 19.88% and a return on equity of 3.99%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.69 earnings per share. Analysts expect that SL Green Realty will post 6.92 EPS for the current fiscal year.
In related news, Director Edwin T. Burton III sold 7,000 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $81.00, for a total value of $567,000.00. Following the transaction, the director now owns 292 shares in the company, valued at approximately $23,652. The sale was disclosed in a filing with the SEC, which is available through this link. 3.99% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its position in SL Green Realty by 0.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 6,426,522 shares of the real estate investment trust’s stock worth $516,499,000 after purchasing an additional 31,325 shares during the period. Invesco Ltd. boosted its stake in shares of SL Green Realty by 62.3% in the second quarter. Invesco Ltd. now owns 2,652,268 shares of the real estate investment trust’s stock worth $213,162,000 after buying an additional 1,018,128 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of SL Green Realty by 942.8% in the second quarter. Nuveen Asset Management LLC now owns 1,586,903 shares of the real estate investment trust’s stock worth $127,539,000 after buying an additional 1,434,729 shares during the last quarter. Geode Capital Management LLC grew its holdings in SL Green Realty by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 1,332,281 shares of the real estate investment trust’s stock worth $105,202,000 after acquiring an additional 78,771 shares during the period. Finally, Northern Trust Corp grew its holdings in SL Green Realty by 1.1% during the second quarter. Northern Trust Corp now owns 1,311,739 shares of the real estate investment trust’s stock worth $105,424,000 after acquiring an additional 13,695 shares during the period. Institutional investors own 99.90% of the company’s stock.
SL Green Realty Company Profile
SL Green Realty Corp., an S&P 500 company and New York City'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 March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.
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