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

SL Green Realty (NYSE:SLG) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently commented on SLG. Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a research report on Wednesday, January 21st. Raymond James Financial set a $44.00 price target on shares of SL Green Realty in a report on Tuesday, February 3rd. Citigroup reduced their price objective on shares of SL Green Realty from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, February 4th. BTIG Research decreased their price objective on shares of SL Green Realty from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, February 5th. Finally, Morgan Stanley set a $43.00 target price on SL Green Realty in a report on Thursday, January 29th. Seven research 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. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $53.30.

SL Green Realty Price Performance

Shares of SLG opened at $39.38 on Wednesday. The firm has a 50-day simple moving average of $44.24 and a two-hundred day simple moving average of $50.19. The stock has a market cap of $2.81 billion, a PE ratio of -24.46 and a beta of 1.63. SL Green Realty has a 1-year low of $36.12 and a 1-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 posted its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The firm had revenue of $159.82 million for the quarter, compared to analyst estimates of $162.73 million. During the same quarter in the prior year, the company earned $1.81 EPS. SL Green Realty’s revenue was up 14.5% on a year-over-year basis. As a group, analysts forecast that SL Green Realty will post 5.43 EPS for the current year.

Insider Activity at SL Green Realty

In related news, CEO Marc Holliday sold 22,223 shares of SL Green Realty stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total value of $986,701.20. Following the transaction, the chief executive officer directly owned 9,698 shares in the company, valued at $430,591.20. This trade represents a 69.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Andrew S. Levine sold 1,493 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $45.27, for a total value of $67,588.11. Following the transaction, the insider owned 7,045 shares in the company, valued at $318,927.15. The trade was a 17.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds have recently bought and sold shares of the stock. Cohen & Steers Inc. purchased a new stake in SL Green Realty during the 4th quarter worth about $121,675,000. Goldman Sachs Group Inc. boosted its stake in shares of SL Green Realty by 62.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock worth $133,862,000 after purchasing an additional 1,117,357 shares during the last quarter. Norges Bank purchased a new stake in shares of SL Green Realty during the fourth quarter worth about $44,094,000. M&T Bank Corp acquired a new position in shares of SL Green Realty in the fourth quarter valued at approximately $43,201,000. Finally, Victory Capital Management Inc. lifted its stake in shares of SL Green Realty by 535.3% during the fourth quarter. Victory Capital Management Inc. now owns 1,107,618 shares of the real estate investment trust’s stock valued at $50,806,000 after buying an additional 933,272 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.