SL Green Realty (NYSE:SLG) Stock Rating Lowered by Wall Street Zen

SL Green Realty (NYSE:SLG) was downgraded by analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued on Saturday.

Several other brokerages also recently issued reports on SLG. UBS Group set a $60.00 price objective on shares of SL Green Realty in a research report on Monday, July 27th. JPMorgan Chase & Co. increased their target price on SL Green Realty from $49.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 5th. Evercore cut SL Green Realty from an “outperform” rating to an “in-line” rating and set a $56.00 price target for the company. in a report on Monday, July 6th. Truist Financial lifted their target price on SL Green Realty from $44.00 to $46.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company boosted their target price on shares of SL Green Realty from $40.00 to $44.00 and gave the company an “equal weight” rating in a research report on Monday, June 1st. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus price target of $55.15.

SL Green Realty Stock Up 0.1%

Shares of NYSE SLG opened at $56.40 on Friday. SL Green Realty has a 12-month low of $34.77 and a 12-month high of $66.29. The firm’s 50-day simple moving average is $51.08 and its 200 day simple moving average is $44.53. The company has a market cap of $4.03 billion, a price-to-earnings ratio of -20.66, a price-to-earnings-growth ratio of 2.52 and a beta of 1.58. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.21. The firm had revenue of $264.00 million during the quarter, compared to analyst estimates of $179.01 million. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The company’s revenue was up 16.5% on a year-over-year basis. During the same period last year, the company earned $1.63 earnings per share. On average, research analysts expect that SL Green Realty will post 5.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of SL Green Realty during the 2nd quarter worth approximately $706,881,000. Cohen & Steers Inc. acquired a new stake in SL Green Realty in the fourth quarter worth $121,675,000. Deutsche Bank AG acquired a new stake in SL Green Realty in the second quarter worth $58,202,000. Goldman Sachs Group Inc. increased its stake in SL Green Realty by 62.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock valued at $133,862,000 after purchasing an additional 1,117,357 shares in the last quarter. Finally, Norges Bank bought a new stake in SL Green Realty in the fourth quarter valued at $44,094,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

About SL Green Realty

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.