SL Green Realty Corporation (SLG) Upgraded to “Hold” by Zacks Investment Research
SL Green Realty Corporation (NYSE:SLG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Shares of SL Green have underperformed its industry year to date. However, the Zacks Consensus Estimate for current year funds from operations (FFO) per share remained unchanged over the past week. Notably, SL Green enjoys high-quality office properties as well as diverse tenant base, makes opportunistic investments and has solid balance-sheet strength. In addition, its leasing activity is likely to remain decent amid an improving economy and job market environment. Also, in September the company acquired stake in Worldwide Plaza through a partnership with private investment manager RXR Realty. However, SL Green faces intense competition from developers, owners and operators of office properties and other commercial real estate which limits its pricing power. Moreover, rate hike add to its woes.”
Several other research firms have also issued reports on SLG. BMO Capital Markets reissued a “buy” rating and set a $127.00 price objective on shares of SL Green Realty Corporation in a research note on Tuesday, July 4th. Barclays PLC dropped their price objective on SL Green Realty Corporation from $111.00 to $110.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 18th. BidaskClub lowered SL Green Realty Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Stifel Nicolaus restated a “hold” rating and set a $112.00 price target on shares of SL Green Realty Corporation in a research report on Thursday, August 3rd. Finally, Jefferies Group LLC restated a “hold” rating and set a $113.00 price target on shares of SL Green Realty Corporation in a research report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $115.29.
SL Green Realty Corporation (NYSE:SLG) traded down 0.83% during trading on Monday, hitting $94.68. The stock had a trading volume of 405,127 shares. The company has a 50-day moving average of $100.21 and a 200-day moving average of $102.30. The stock has a market capitalization of $9.37 billion, a P/E ratio of 97.31 and a beta of 1.20. SL Green Realty Corporation has a 52 week low of $93.90 and a 52 week high of $115.34.
SL Green Realty Corporation (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($1.17). The business had revenue of $319.50 million for the quarter, compared to the consensus estimate 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 quarterly revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 EPS. On average, equities analysts expect that SL Green Realty Corporation will post $0.23 earnings per share for the current fiscal year.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL purchased a new position in shares of SL Green Realty Corporation in the first quarter worth about $203,000. Achmea Investment Management B.V. purchased a new position in shares of SL Green Realty Corporation in the first quarter worth about $224,000. BB&T Securities LLC purchased a new position in shares of SL Green Realty Corporation in the second quarter worth about $226,000. OppenheimerFunds Inc. increased its holdings in shares of SL Green Realty Corporation by 13.0% in the first quarter. OppenheimerFunds Inc. now owns 2,136 shares of the real estate investment trust’s stock worth $228,000 after buying an additional 246 shares during the period. Finally, Parametrica Management Ltd purchased a new position in shares of SL Green Realty Corporation in the second quarter worth about $244,000.
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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