SL Green Realty (NYSE:SLG) Hits New 52-Week Low Following Analyst Downgrade

SL Green Realty Corporation (NYSE:SLG)’s share price hit a new 52-week low on Monday after Scotiabank lowered their price target on the stock from $61.00 to $51.00. Scotiabank currently has a sector outperform rating on the stock. SL Green Realty traded as low as $35.52 and last traded at $36.8730, with a volume of 201490 shares trading hands. The stock had previously closed at $36.85.

A number of other analysts also recently issued reports on SLG. BMO Capital Markets cut their price objective on SL Green Realty from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 8th. UBS Group set a $61.00 price target on shares of SL Green Realty in a research report on Wednesday, January 14th. BTIG Research decreased their price objective on shares of SL Green Realty from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, February 5th. Mizuho set a $38.00 price objective on shares of SL Green Realty and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Finally, Zacks Research upgraded shares of SL Green Realty from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 25th. Seven investment 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, SL Green Realty has an average rating of “Hold” and an average target price of $52.80.

Insider Buying and Selling

In related news, insider Andrew S. Levine sold 1,493 shares of SL Green Realty stock in a transaction 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 completion of the transaction, the insider directly owned 7,045 shares in the company, valued at approximately $318,927.15. This trade represents a 17.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Marc Holliday sold 22,223 shares of the company’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total value of $986,701.20. Following 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. Additional details regarding this sale are available in the official SEC disclosure. 5.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its position in shares of SL Green Realty by 74.8% in the 1st quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock valued at $1,519,000 after purchasing an additional 11,506 shares during the last quarter. United Services Automobile Association purchased a new stake in shares of SL Green Realty during the 1st quarter worth $253,000. Empowered Funds LLC grew its stake in shares of SL Green Realty by 10.9% during the first quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock worth $425,000 after purchasing an additional 722 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of SL Green Realty by 67.8% during the second quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 253 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd increased its holdings in SL Green Realty by 77.1% in the second quarter. Y Intercept Hong Kong Ltd now owns 13,851 shares of the real estate investment trust’s stock valued at $857,000 after buying an additional 6,030 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Stock Performance

The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of -24.28 and a beta of 1.66. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.66 and a quick ratio of 2.66. The stock has a 50 day simple moving average of $43.83 and a two-hundred day simple moving average of $49.79.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.03. The business had revenue of $159.82 million for the quarter, compared to the consensus estimate of $162.73 million. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The business’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.81 EPS. As a group, analysts anticipate that SL Green Realty Corporation will post 5.43 earnings per share for the current year.

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.