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

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

A number of other equities analysts have also weighed in on SLG. Mizuho set a $38.00 target price on shares of SL Green Realty and gave the stock a “neutral” rating in a research report on Tuesday. UBS Group set a $61.00 price target on shares of SL Green Realty in a research note on Wednesday, January 14th. Morgan Stanley set a $43.00 price objective on shares of SL Green Realty in a report on Thursday, January 29th. LADENBURG THALM/SH SH lowered their target price on shares of SL Green Realty from $60.00 to $50.00 and set a “neutral” rating on the stock in a report on Thursday, December 18th. Finally, Citigroup dropped their target price on SL Green Realty from $70.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, February 4th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and a consensus price target of $53.30.

SL Green Realty Stock Performance

NYSE:SLG opened at $39.38 on Wednesday. The company has a market capitalization of $2.81 billion, a P/E ratio of -24.46 and a beta of 1.63. The business has a fifty day simple moving average of $44.24 and a two-hundred day simple moving average of $50.19. 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 has a 1 year low of $36.12 and a 1 year high of $66.91.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share 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 company had revenue of $159.82 million during the quarter, compared to the consensus estimate of $162.73 million. During the same quarter in the prior year, the company earned $1.81 EPS. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, analysts expect that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Buying and Selling at SL Green Realty

In related news, CEO Marc Holliday sold 22,223 shares of the stock in a transaction on 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Andrew S. Levine sold 1,493 shares of SL Green Realty stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $45.27, for a total value of $67,588.11. Following the sale, the insider directly owned 7,045 shares of the company’s stock, valued at $318,927.15. This represents a 17.49% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently modified their holdings of the company. Quent Capital LLC purchased a new stake in shares of SL Green Realty during the third quarter valued at approximately $27,000. Salomon & Ludwin LLC bought a new stake in SL Green Realty during the 3rd quarter valued at $29,000. Whittier Trust Co. purchased a new stake in SL Green Realty during the 3rd quarter valued at $29,000. Bessemer Group Inc. boosted its position in SL Green Realty by 67.8% during the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 253 shares during the period. Finally, Triumph Capital Management bought a new stake in SL Green Realty in the 3rd quarter worth $45,000. 89.96% of the stock is currently owned by institutional investors.

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.