SL Green Realty (SLG) Rating Lowered to Sell at ValuEngine

SL Green Realty (NYSE:SLG) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, ValuEngine reports.

A number of other analysts also recently issued reports on SLG. JPMorgan Chase & Co. downgraded shares of SL Green Realty from a “neutral” rating to an “underweight” rating in a report on Wednesday, December 19th. KeyCorp set a $100.00 price objective on shares of SL Green Realty and gave the stock a “buy” rating in a report on Thursday, December 20th. Stifel Nicolaus reaffirmed a “buy” rating and set a $90.00 price objective on shares of SL Green Realty in a report on Monday, January 7th. Goldman Sachs Group downgraded shares of SL Green Realty from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $115.00 to $92.00 in a report on Tuesday, January 15th. Finally, SunTrust Banks raised shares of SL Green Realty from a “hold” rating to a “buy” rating and set a $86.79 price objective for the company in a report on Tuesday, January 15th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $99.94.

NYSE SLG opened at $86.65 on Tuesday. SL Green Realty has a 52-week low of $76.77 and a 52-week high of $106.54. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.91. The firm has a market cap of $7.36 billion, a PE ratio of 13.09, a P/E/G ratio of 2.82 and a beta of 1.31.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, April 17th. The real estate investment trust reported $1.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.04). SL Green Realty had a return on equity of 3.82% and a net margin of 20.15%. The company had revenue of $304.30 million for the quarter, compared to the consensus estimate of $244.08 million. During the same period in the prior year, the firm posted $1.66 earnings per share. The business’s revenue was up .9% on a year-over-year basis. On average, equities analysts expect that SL Green Realty will post 6.91 EPS for the current year.

In related news, CFO Matthew J. Diliberto sold 2,084 shares of SL Green Realty stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $91.66, for a total value of $191,019.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Craig M. Hatkoff sold 2,500 shares of SL Green Realty stock in a transaction on Monday, February 4th. The stock was sold at an average price of $92.24, for a total transaction of $230,600.00. Following the completion of the transaction, the director now owns 2,352 shares in the company, valued at approximately $216,948.48. The disclosure for this sale can be found here. 3.65% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of SL Green Realty in the fourth quarter valued at about $73,769,000. Boston Partners increased its position in shares of SL Green Realty by 13.5% in the fourth quarter. Boston Partners now owns 6,317,316 shares of the real estate investment trust’s stock valued at $499,574,000 after acquiring an additional 749,249 shares during the period. BlackRock Inc. increased its position in shares of SL Green Realty by 6.0% in the fourth quarter. BlackRock Inc. now owns 9,130,834 shares of the real estate investment trust’s stock valued at $722,065,000 after acquiring an additional 516,276 shares during the period. JPMorgan Chase & Co. increased its position in shares of SL Green Realty by 300.0% in the third quarter. JPMorgan Chase & Co. now owns 681,159 shares of the real estate investment trust’s stock valued at $66,434,000 after acquiring an additional 510,858 shares during the period. Finally, MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in shares of SL Green Realty in the fourth quarter valued at about $36,840,000. Institutional investors own 98.83% of the company’s stock.

About SL Green Realty

SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2018, SL Green held interests in 101 Manhattan buildings totaling 46.0 million square feet.

Further Reading: Quiet Period

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Analyst Recommendations for SL Green Realty (NYSE:SLG)

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