SL Green Realty (NYSE:SLG – Get Free Report) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday, Zacks reports.
Other equities research analysts have also recently issued reports about the stock. BMO Capital Markets reissued an “outperform” rating and issued a $60.00 target price (up from $52.00) on shares of SL Green Realty in a research report on Monday, July 27th. Mizuho set a $53.00 price target on shares of SL Green Realty in a research report on Tuesday, September 8th. LADENBURG THALM/SH SH increased their price target on shares of SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Scotiabank lowered their price objective on shares of SL Green Realty from $60.00 to $59.00 and set a “sector outperform” rating for the company in a research note on Thursday, September 17th. Finally, Barclays boosted their price objective on shares of SL Green Realty from $52.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $57.42.
Read Our Latest Stock Report on SL Green Realty
SL Green Realty Stock Down 4.9%
SL Green Realty (NYSE:SLG – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The company had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $179.01 million. During the same quarter in the previous year, the business earned $1.63 EPS. The firm’s revenue was up 16.5% on a year-over-year basis. On average, research analysts forecast that SL Green Realty will post 5.56 EPS for the current year.
Insider Buying and Selling
In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the transaction, the insider owned 109,468 shares in the company, valued at $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.94% of the stock is owned by company insiders.
Institutional Investors Weigh In On SL Green Realty
A number of large investors have recently modified their holdings of SLG. Integrated Wealth Concepts LLC acquired a new position in SL Green Realty during the 2nd quarter worth approximately $33,000. Global Retirement Partners LLC acquired a new stake in SL Green Realty in the second quarter valued at approximately $53,000. Davis Capital Management purchased a new stake in shares of SL Green Realty during the first quarter valued at approximately $46,000. Hantz Financial Services Inc. raised its stake in shares of SL Green Realty by 30.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust’s stock valued at $74,000 after purchasing an additional 378 shares during the period. Finally, Leonteq Securities AG lifted its position in shares of SL Green Realty by 4,194.0% during the first quarter. Leonteq Securities AG now owns 2,147 shares of the real estate investment trust’s stock worth $79,000 after purchasing an additional 2,097 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.
About SL Green Realty
SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and operating commercial properties in Manhattan. The company’s portfolio is centered on office buildings, with additional interests in retail, residential and other mixed-use real estate.
SL Green leases space to businesses across a range of industries and provides property management, leasing, development and redevelopment services. Its Manhattan holdings include prominent office properties such as One Vanderbilt, along with retail and hospitality-related assets.
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