SL Green Realty (NYSE:SLG) Upgraded to “Sell” at StockNews.com

SL Green Realty (NYSE:SLG) was upgraded by stock analysts at StockNews.com to a “sell” rating in a research note issued on Friday.

Several other brokerages have also recently commented on SLG. Piper Sandler restated an “overweight” rating and set a $58.00 target price on shares of SL Green Realty in a report on Tuesday, March 26th. Barclays increased their target price on SL Green Realty from $48.00 to $49.00 and gave the stock an “equal weight” rating in a report on Monday. Morgan Stanley increased their target price on SL Green Realty from $41.00 to $47.00 and gave the stock an “equal weight” rating in a report on Thursday, March 28th. Citigroup upped their price target on SL Green Realty from $31.00 to $37.00 and gave the company a “sell” rating in a research note on Thursday, June 13th. Finally, Scotiabank raised SL Green Realty from a “sector underperform” rating to a “sector perform” rating and upped their price target for the company from $43.00 to $53.00 in a research note on Tuesday, July 9th. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $46.08.

SL Green Realty Price Performance

NYSE:SLG traded down $0.02 during trading hours on Friday, reaching $60.78. The company had a trading volume of 883,672 shares, compared to its average volume of 1,113,266. The stock has a 50-day moving average of $55.18 and a two-hundred day moving average of $50.89. SL Green Realty has a one year low of $28.55 and a one year high of $66.54. The firm has a market capitalization of $4.00 billion, a PE ratio of -7.36, a PEG ratio of 1.14 and a beta of 1.83. The company has a quick ratio of 2.96, a current ratio of 2.96 and a debt-to-equity ratio of 1.01.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. SL Green Realty had a negative return on equity of 3.89% and a negative net margin of 19.31%. The firm had revenue of $222.82 million for the quarter, compared to analysts’ expectations of $133.83 million. During the same period in the prior year, the business posted $1.43 earnings per share. The business’s revenue was down 9.4% compared to the same quarter last year. Analysts forecast that SL Green Realty will post 7.51 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SLG. Private Trust Co. NA acquired a new stake in shares of SL Green Realty in the fourth quarter valued at approximately $33,000. Fidelis Capital Partners LLC acquired a new stake in shares of SL Green Realty in the first quarter valued at approximately $55,000. Rosenberg Matthew Hamilton lifted its position in shares of SL Green Realty by 9.6% in the fourth quarter. Rosenberg Matthew Hamilton now owns 2,588 shares of the real estate investment trust’s stock valued at $117,000 after buying an additional 227 shares during the last quarter. GAMMA Investing LLC acquired a new stake in shares of SL Green Realty in the fourth quarter valued at approximately $140,000. Finally, Meeder Advisory Services Inc. acquired a new stake in shares of SL Green Realty in the first quarter valued at approximately $201,000. 89.96% of the stock is currently 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.