SL Green Realty Corporation (NYSE:SLG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.

According to Zacks, “SL Green’s third-quarter 2017 funds from operations (FFO) per share of $1.67 missed the Zacks Consensus Estimate. Same-store cash net operating income (NOI) improved in the third quarter, while mark-to-market on signed sub-urban office leases was lower compared to the previously fully-escalated rents on the same spaces. The company reiterated its FFO per share outlook for full-year 2017. SL Green enjoys high-quality office properties, diverse tenant base and has solid balance-sheet strength. Notably, in September the company acquired stake in Worldwide Plaza through a partnership with private investment manager RXR Realty. However, stiff competition from other market participants remains a concern. In addition, the company’s shares have underperformed the industry it belongs to, year to date.”

A number of other equities research analysts also recently commented on the company. Morgan Stanley reiterated an “equal weight” rating and issued a $104.00 target price (down from $106.00) on shares of SL Green Realty Corporation in a research report on Friday, September 1st. Barclays PLC decreased their target price on SL Green Realty Corporation from $111.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 18th. BMO Capital Markets reiterated a “buy” rating and issued a $127.00 target price on shares of SL Green Realty Corporation in a research report on Tuesday, July 4th. Citigroup Inc. decreased their target price on SL Green Realty Corporation from $129.00 to $125.00 and set a “buy” rating on the stock in a research report on Wednesday, July 26th. Finally, KeyCorp reiterated a “buy” rating and issued a $130.00 target price on shares of SL Green Realty Corporation in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $115.38.

Shares of SL Green Realty Corporation (NYSE:SLG) traded up 0.46% during mid-day trading on Monday, reaching $97.85. The company had a trading volume of 213,760 shares. The stock has a market capitalization of $9.68 billion, a P/E ratio of 100.57 and a beta of 1.20. The firm has a 50 day moving average of $100.35 and a 200-day moving average of $102.72. SL Green Realty Corporation has a one year low of $93.90 and a one year high of $115.34.

SL Green Realty Corporation (NYSE:SLG) last announced its quarterly earnings data on Wednesday, October 18th. The real estate investment trust reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($1.17). The business had revenue of $319.50 million during the quarter, compared to analysts’ expectations of $326.70 million. SL Green Realty Corporation had a net margin of 7.70% and a return on equity of 1.51%. SL Green Realty Corporation’s revenue was down 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.63 earnings per share. Analysts forecast that SL Green Realty Corporation will post $0.24 EPS for the current fiscal year.

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A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in SL Green Realty Corporation by 0.8% during the second quarter. BlackRock Inc. now owns 9,414,955 shares of the real estate investment trust’s stock worth $996,102,000 after buying an additional 77,742 shares during the period. Boston Partners lifted its holdings in SL Green Realty Corporation by 4.2% during the second quarter. Boston Partners now owns 3,137,553 shares of the real estate investment trust’s stock worth $331,953,000 after buying an additional 125,928 shares during the period. FMR LLC lifted its holdings in shares of SL Green Realty Corporation by 8.9% during the 2nd quarter. FMR LLC now owns 2,846,095 shares of the real estate investment trust’s stock valued at $301,117,000 after purchasing an additional 232,516 shares during the last quarter. Lasalle Investment Management Securities LLC lifted its holdings in shares of SL Green Realty Corporation by 7.5% during the 2nd quarter. Lasalle Investment Management Securities LLC now owns 2,349,685 shares of the real estate investment trust’s stock valued at $248,597,000 after purchasing an additional 163,813 shares during the last quarter. Finally, PGGM Investments lifted its holdings in shares of SL Green Realty Corporation by 4.9% during the 3rd quarter. PGGM Investments now owns 2,039,802 shares of the real estate investment trust’s stock valued at $206,673,000 after purchasing an additional 95,000 shares during the last quarter.

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.

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

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