SL Green Realty Corporation (NYSE:SLG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

According to Zacks, “Shares of SL Green have underperformed the industry it belongs to, year to date. Also, the stock has seen the Zacks Consensus Estimate for third quarter and current-year funds from operations (FFO) per share being revised downward in a week’s time. Nevertheless, recently, SL Green announced that two of Germany's financial institutions — Deutsche Zentral-Genossenschaftsbank and DVB Bank SE — have signed new leases at One Vanderbilt Avenue. The move depicts the solid demand for space at this iconic property. SL Green enjoys high-quality office properties, diverse tenant base, makes opportunistic investments and has solid balance-sheet strength. However, the company faces intense competition from developers, owners and operators of office properties and other commercial real estate. Moreover, new supply and rate hike add to its woes.”

A number of other equities research analysts have also issued reports on SLG. Goldman Sachs Group, Inc. (The) initiated coverage on shares of SL Green Realty Corporation in a report on Thursday, June 22nd. They issued a “buy” rating and a $121.00 price objective on the stock. BMO Capital Markets restated a “buy” rating and issued a $127.00 price objective on shares of SL Green Realty Corporation in a report on Tuesday, July 4th. BidaskClub lowered shares of SL Green Realty Corporation from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. UBS AG upgraded shares of SL Green Realty Corporation from a “neutral” rating to a “buy” rating and set a $117.00 price objective on the stock in a report on Thursday, July 13th. Finally, Barclays PLC reduced their price objective on shares of SL Green Realty Corporation from $111.00 to $110.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. SL Green Realty Corporation presently has a consensus rating of “Hold” and a consensus target price of $115.58.

SL Green Realty Corporation (SLG) traded down 0.65% on Tuesday, hitting $102.20. The stock had a trading volume of 444,188 shares. The company has a market cap of $10.11 billion, a P/E ratio of 105.04 and a beta of 1.20. SL Green Realty Corporation has a 1-year low of $93.90 and a 1-year high of $115.34. The stock has a 50 day moving average price of $99.88 and a 200 day moving average price of $102.87.

SL Green Realty Corporation (NYSE:SLG) last posted its quarterly earnings results on Wednesday, July 19th. The real estate investment trust reported $0.08 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($1.54). SL Green Realty Corporation had a net margin of 7.20% and a return on equity of 1.43%. The firm had revenue of $279.41 million during the quarter, compared to analysts’ expectations of $281.40 million. On average, equities research analysts expect that SL Green Realty Corporation will post $0.24 EPS for the current fiscal year.

WARNING: “SL Green Realty Corporation (SLG) Cut to Sell at Zacks Investment Research” was first published by American Banking News and is the property of of American Banking News. If you are accessing this report on another website, it was illegally copied and republished in violation of US & international copyright & trademark legislation. The correct version of this report can be accessed at https://www.americanbankingnews.com/2017/10/17/sl-green-realty-corporation-slg-cut-to-sell-at-zacks-investment-research.html.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Somerset Trust Co lifted its stake in shares of SL Green Realty Corporation by 0.5% in the second quarter. Somerset Trust Co now owns 4,052 shares of the real estate investment trust’s stock valued at $429,000 after purchasing an additional 19 shares during the period. Keybank National Association OH lifted its stake in shares of SL Green Realty Corporation by 2.3% in the second quarter. Keybank National Association OH now owns 3,533 shares of the real estate investment trust’s stock valued at $374,000 after purchasing an additional 79 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of SL Green Realty Corporation by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 6,300 shares of the real estate investment trust’s stock valued at $667,000 after purchasing an additional 100 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of SL Green Realty Corporation by 1.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,565 shares of the real estate investment trust’s stock valued at $800,000 after purchasing an additional 104 shares during the period. Finally, GAM Holding AG lifted its stake in shares of SL Green Realty Corporation by 1.1% in the second quarter. GAM Holding AG now owns 12,259 shares of the real estate investment trust’s stock valued at $1,297,000 after purchasing an additional 135 shares during the period.

SL Green Realty Corporation Company Profile

SL Green Realty Corp. is a self-managed real estate investment trust (REIT), with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing. The Company operates through two segments: real estate, and debt and preferred equity investments.

Get a free copy of the Zacks research report on SL Green Realty Corporation (SLG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for SL Green Realty Corporation (NYSE:SLG)

Receive News & Ratings for SL Green Realty Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SL Green Realty Corporation and related companies with MarketBeat.com's FREE daily email newsletter.