SL Green Realty (NYSE:SLG) Lowered to “Strong Sell” Rating by Zacks Research

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

Other equities research analysts also recently issued reports about the company. Barclays set a $54.00 price objective on SL Green Realty in a report on Tuesday. Evercore ISI set a $54.00 price target on SL Green Realty and gave the company an “outperform” rating in a research note on Monday, December 8th. New Street Research set a $72.00 price target on SL Green Realty in a research report on Thursday, October 9th. Truist Financial set a $47.00 price objective on SL Green Realty and gave the company a “hold” rating in a report on Monday, December 8th. Finally, Deutsche Bank Aktiengesellschaft set a $45.00 target price on shares of SL Green Realty in a research note on Tuesday, January 6th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, SL Green Realty currently has a consensus rating of “Hold” and a consensus target price of $55.94.

SL Green Realty Trading Down 1.4%

Shares of SL Green Realty stock opened at $48.06 on Tuesday. SL Green Realty has a 52-week low of $40.26 and a 52-week high of $68.14. The firm has a market capitalization of $3.43 billion, a PE ratio of 4,811.21 and a beta of 1.60. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.22 and a quick ratio of 3.22. The company’s fifty day moving average price is $46.35 and its two-hundred day moving average price is $53.87.

SL Green Realty (NYSE:SLG) last issued its earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.24. The business had revenue of $244.82 million for the quarter, compared to analyst estimates of $170.27 million. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.26 EPS. On average, analysts expect that SL Green Realty will post 5.43 EPS for the current year.

Insider Transactions at SL Green Realty

In other SL Green Realty news, CEO Marc Holliday sold 22,223 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The shares were 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 owned 9,698 shares in the company, valued at approximately $430,591.20. This trade represents a 69.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew S. Levine sold 1,493 shares of the company’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 transaction 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 5.04% of the company’s stock.

Institutional Trading of SL Green Realty

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in SL Green Realty during the 2nd quarter worth $55,947,000. Prudential Financial Inc. increased its stake in shares of SL Green Realty by 104.1% in the 2nd quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust’s stock valued at $100,439,000 after buying an additional 827,407 shares during the period. Hudson Bay Capital Management LP raised its position in shares of SL Green Realty by 51.6% during the third quarter. Hudson Bay Capital Management LP now owns 1,460,373 shares of the real estate investment trust’s stock worth $87,345,000 after acquiring an additional 497,040 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in shares of SL Green Realty by 663.4% during the second quarter. Balyasny Asset Management L.P. now owns 513,556 shares of the real estate investment trust’s stock valued at $31,789,000 after acquiring an additional 446,283 shares during the period. Finally, BROOKFIELD Corp ON bought a new position in SL Green Realty in the second quarter valued at about $18,695,000. Institutional investors and hedge funds 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.