SL Green Realty (NYSE:SLG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of SL Green Realty (NYSE:SLG) from a sell rating to a hold rating in a report released on Saturday morning,Wall Street Zen reports.

A number of other analysts have also recently commented on SLG. 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. Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a research report on Tuesday, August 25th. Barclays raised their price target on SL Green Realty from $52.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 8th. Scotiabank dropped their price target on SL Green Realty from $60.00 to $59.00 and set a “sector outperform” rating on the stock in a research note on Thursday, September 17th. Finally, Morgan Stanley set a $52.00 price target on SL Green Realty and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $55.03.

SL Green Realty Price Performance

Shares of NYSE:SLG opened at $50.44 on Friday. The company’s fifty day moving average price is $52.06 and its 200 day moving average price is $46.82. SL Green Realty has a 12 month low of $34.77 and a 12 month high of $60.09. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.92 and a quick ratio of 3.10. The firm has a market capitalization of $3.59 billion, a P/E ratio of 10.05, a P/E/G ratio of 4.06 and a beta of 1.66.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $1.26. SL Green Realty had a negative net margin of 12.03% and a negative return on equity of 3.18%. The firm had revenue of $165.55 million during the quarter, compared to analysts’ expectations of $176.97 million. During the same period in the previous year, the company earned $1.58 earnings per share. SL Green Realty’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts predict that SL Green Realty will post 5.72 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.6175 per share. This represents a $2.47 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Wednesday, September 30th. SL Green Realty’s dividend payout ratio (DPR) is presently -119.90%.

Insider Buying and Selling

In other news, insider Harrison Sitomer sold 23,113 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $57.71, for a total value of $1,333,851.23. Following the completion of the sale, the insider directly owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC purchased a new position in shares of SL Green Realty during the second quarter worth about $33,000. Trellis Wealth Advisors LLC purchased a new stake in SL Green Realty during the 3rd quarter valued at approximately $41,000. Global Retirement Partners LLC purchased a new stake in SL Green Realty during the 2nd quarter valued at approximately $53,000. Leonteq Securities AG lifted its position in SL Green Realty by 4,194.0% during the 1st quarter. Leonteq Securities AG now owns 2,147 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 2,097 shares during the period. Finally, KBC Group NV lifted its position in SL Green Realty by 39.6% during the 1st quarter. KBC Group NV now owns 2,856 shares of the real estate investment trust’s stock worth $106,000 after acquiring an additional 810 shares during the period. 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 self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.