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

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

Other equities analysts have also issued reports about the stock. LADENBURG THALM/SH SH boosted their price target on shares of SL Green Realty from $42.00 to $46.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Citigroup restated a “buy” rating and issued a $60.00 price objective (up from $45.00) on shares of SL Green Realty in a research report on Friday, July 24th. Truist Financial set a $57.00 price objective on SL Green Realty and gave the company a “hold” rating in a research report on Monday, August 24th. Wells Fargo & Company set a $56.50 target price on SL Green Realty and gave the stock an “equal weight” rating in a research report on Tuesday, September 1st. Finally, UBS Group set a $60.00 price target on SL Green Realty in a report on Monday, July 27th. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $56.83.

SL Green Realty Stock Performance

Shares of SLG stock opened at $55.56 on Friday. The firm’s fifty day simple moving average is $54.07 and its 200 day simple moving average is $46.41. SL Green Realty has a 1 year low of $34.77 and a 1 year high of $66.29. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $3.95 billion, a P/E ratio of -20.35, a price-to-earnings-growth ratio of 2.40 and a beta of 1.60.

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, beating analysts’ consensus estimates of ($0.59) by $0.21. The business had revenue of $264.00 million during the quarter, compared to analyst estimates of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.63 earnings per share. As a group, sell-side analysts predict that SL Green Realty will post 5.53 EPS for the current year.

Insider Activity at SL Green Realty

In other news, insider Harrison Sitomer sold 23,113 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the transaction, the insider directly owned 109,468 shares in the company, valued at $6,317,398.28. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 5.94% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds have recently added to or reduced their stakes in the stock. Corient Private Wealth LP lifted its stake in SL Green Realty by 120.9% in the second quarter. Corient Private Wealth LP now owns 24,049 shares of the real estate investment trust’s stock valued at $1,245,000 after buying an additional 13,163 shares during the period. Amundi grew its position in shares of SL Green Realty by 4.9% during the 2nd quarter. Amundi now owns 54,319 shares of the real estate investment trust’s stock worth $2,812,000 after buying an additional 2,535 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of SL Green Realty in the 2nd quarter valued at about $668,000. California State Teachers Retirement System increased its stake in shares of SL Green Realty by 4,932.5% in the 2nd quarter. California State Teachers Retirement System now owns 4,221,844 shares of the real estate investment trust’s stock valued at $218,565,000 after acquiring an additional 4,137,952 shares during the last quarter. Finally, HB Wealth Management LLC bought a new stake in shares of SL Green Realty in the 2nd quarter valued at about $308,000. 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.