Zacks Investment Research upgraded shares of SL Green Realty Corporation (NYSE:SLG) from a sell rating to a hold rating in a research report sent to investors on Tuesday, November 7th.
According to Zacks, “Shares of SL Green have underperformed its industry year to date. Nonetheless, SL Green enjoys high-quality office properties as well as diverse tenant base, makes opportunistic investments and has solid balance-sheet strength. In addition, its leasing activity is likely to remain decent amid an improving economy and job market environment. Also, in September the company acquired stake in Worldwide Plaza through a partnership with private investment manager RXR Realty. However, SL Green faces intense competition from developers, owners and operators of office properties and other commercial real estate which limits its pricing power. Moreover, rate hike add to its woes.”
Other analysts also recently issued research reports about the company. Stifel Nicolaus lowered their target price on SL Green Realty Corporation from $112.00 to $105.00 and set a hold rating on the stock in a research note on Tuesday, October 24th. Morgan Stanley reaffirmed an equal weight rating and issued a $104.00 price target (down previously from $106.00) on shares of SL Green Realty Corporation in a report on Friday, September 1st. Barclays PLC reduced their price target on SL Green Realty Corporation from $110.00 to $109.00 and set an equal weight rating for the company in a report on Tuesday, August 1st. BMO Capital Markets reduced their price target on SL Green Realty Corporation from $127.00 to $125.00 and set an outperform rating for the company in a report on Thursday, September 21st. Finally, Jefferies Group LLC reissued a hold rating and set a $113.00 target price on shares of SL Green Realty Corporation in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. SL Green Realty Corporation presently has an average rating of Hold and an average target price of $115.00.
Shares of SL Green Realty Corporation (NYSE SLG) traded up $0.06 during mid-day trading on Tuesday, reaching $100.87. The company had a trading volume of 815,300 shares, compared to its average volume of 740,342. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.38. The stock has a market cap of $9,912.06, a P/E ratio of 16.09, a price-to-earnings-growth ratio of 2.61 and a beta of 1.16. SL Green Realty Corporation has a 1 year low of $93.92 and a 1 year high of $115.34.
SL Green Realty Corporation (NYSE:SLG) last posted its quarterly earnings results on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($1.17). The firm had revenue of $319.50 million for the quarter, compared to analysts’ expectations of $326.70 million. SL Green Realty Corporation had a net margin of 7.70% and a return on equity of 1.54%. The firm’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.63 EPS. sell-side analysts predict that SL Green Realty Corporation will post 6.44 EPS for the current year.
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A number of institutional investors have recently bought and sold shares of SLG. Delphi Management Inc. MA acquired a new stake in shares of SL Green Realty Corporation during the third quarter worth about $750,000. Davis Selected Advisers increased its position in shares of SL Green Realty Corporation by 31.7% during the third quarter. Davis Selected Advisers now owns 117,429 shares of the real estate investment trust’s stock worth $11,898,000 after purchasing an additional 28,235 shares in the last quarter. California Public Employees Retirement System increased its position in shares of SL Green Realty Corporation by 2.9% during the third quarter. California Public Employees Retirement System now owns 220,441 shares of the real estate investment trust’s stock worth $22,335,000 after purchasing an additional 6,171 shares in the last quarter. Bamco Inc. NY increased its position in shares of SL Green Realty Corporation by 60.2% during the third quarter. Bamco Inc. NY now owns 160,166 shares of the real estate investment trust’s stock worth $16,228,000 after purchasing an additional 60,166 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of SL Green Realty Corporation during the third quarter worth about $270,000.
About SL Green Realty Corporation
SL Green Realty Corp. is a self-managed real estate investment trust (REIT), with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing. The Company operates through two segments: real estate, and debt and preferred equity investments.
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