SL Green Realty (NYSE:SLG) Upgraded to “Hold” at Zacks Research

SL Green Realty (NYSE:SLG) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Raymond James Financial set a $44.00 price target on shares of SL Green Realty in a report on Tuesday, February 3rd. BMO Capital Markets lowered 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. The Goldman Sachs Group set a $37.00 target price on SL Green Realty and gave the company a “sell” rating in a research report on Friday, February 6th. Truist Financial set a $44.00 price target on SL Green Realty in a research note on Tuesday, February 3rd. Finally, Scotiabank dropped their price target on SL Green Realty from $66.00 to $61.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, SL Green Realty has an average rating of “Hold” and an average target price of $53.30.

SL Green Realty Price Performance

Shares of SLG stock opened at $39.38 on Wednesday. The company has a market capitalization of $2.81 billion, a P/E ratio of -24.46 and a beta of 1.63. The company’s 50-day simple moving average is $44.24 and its two-hundred day simple moving average is $50.19. SL Green Realty has a one year low of $36.12 and a one year high of $66.91. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.66 and a quick ratio of 2.66.

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

Insider Transactions at SL Green Realty

In other news, CEO Marc Holliday sold 22,223 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total value of $986,701.20. Following the completion of the sale, the chief executive officer directly owned 9,698 shares in the company, valued at $430,591.20. The trade was a 69.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew S. Levine sold 1,493 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $45.27, for a total transaction of $67,588.11. Following the transaction, the insider owned 7,045 shares of the company’s stock, valued at $318,927.15. This represents a 17.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently modified their holdings of the business. Ethic Inc. boosted its stake in SL Green Realty by 2.4% during the third 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 during the last quarter. MAI Capital Management boosted its position in shares of SL Green Realty by 25.9% during the 2nd quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 203 shares during the last quarter. Amalgamated Bank boosted its position in shares of SL Green Realty by 1.2% during the 2nd quarter. Amalgamated Bank now owns 20,245 shares of the real estate investment trust’s stock valued at $1,253,000 after acquiring an additional 235 shares during the last quarter. Integrity Alliance LLC. grew its holdings 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 purchasing an additional 237 shares during the period. Finally, Bessemer Group Inc. increased its position in SL Green Realty by 67.8% during the second 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 hedge funds and other 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.