SL Green Realty (SLG) Given Buy Rating at SunTrust Banks

SL Green Realty (NYSE:SLG)‘s stock had its “buy” rating reaffirmed by research analysts at SunTrust Banks in a research report issued to clients and investors on Monday. They presently have a $110.00 price objective on the real estate investment trust’s stock. SunTrust Banks’ price objective suggests a potential upside of 17.13% from the company’s previous close.

Several other brokerages have also weighed in on SLG. BTIG Research raised SL Green Realty from a “neutral” rating to a “buy” rating in a research report on Tuesday, December 5th. Zacks Investment Research lowered SL Green Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. KeyCorp reaffirmed a “buy” rating and issued a $130.00 target price on shares of SL Green Realty in a research report on Tuesday, September 26th. BMO Capital Markets reaffirmed a “buy” rating and issued a $125.00 target price on shares of SL Green Realty in a research report on Thursday, October 19th. Finally, Stifel Nicolaus cut their target price on SL Green Realty from $112.00 to $105.00 and set a “hold” rating on the stock in a research report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $114.92.

Shares of SL Green Realty (SLG) traded down $0.20 on Monday, hitting $93.91. The company had a trading volume of 1,699,800 shares, compared to its average volume of 854,269. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.38. The stock has a market cap of $9,228.13, a price-to-earnings ratio of 91.18, a P/E/G ratio of 2.34 and a beta of 1.18. SL Green Realty has a twelve month low of $92.95 and a twelve month high of $115.34.

SL Green Realty announced that its Board of Directors has initiated a stock repurchase plan on Friday, December 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

In related news, Director John S. Levy sold 6,000 shares of the stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $103.23, for a total value of $619,380.00. Following the completion of the sale, the director now directly owns 21,827 shares in the company, valued at approximately $2,253,201.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Holliday sold 160,000 shares of the stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $100.63, for a total value of $16,100,800.00. The disclosure for this sale can be found here. 2.99% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in SLG. Capital Investment Counsel Inc acquired a new stake in shares of SL Green Realty during the third quarter valued at about $213,000. Cubist Systematic Strategies LLC acquired a new stake in shares of SL Green Realty during the third quarter valued at about $270,000. Koch Industries Inc. acquired a new stake in shares of SL Green Realty during the second quarter valued at about $316,000. ING Groep NV acquired a new stake in shares of SL Green Realty during the third quarter valued at about $350,000. Finally, Telos Capital Management Inc. acquired a new stake in shares of SL Green Realty during the third quarter valued at about $402,000.

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SL Green Realty 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.

Analyst Recommendations for SL Green Realty (NYSE:SLG)

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