Weiss Ratings Reaffirms “Sell (D+)” Rating for SL Green Realty (NYSE:SLG)

SL Green Realty (NYSE:SLG)‘s stock had its “sell (d+)” rating reaffirmed by investment analysts at Weiss Ratings in a research report issued to clients and investors on Friday,Weiss Ratings reports.

Several other research analysts also recently commented on the company. LADENBURG THALM/SH SH assumed coverage on SL Green Realty in a research note on Monday, October 13th. They issued a “neutral” rating and a $63.00 price objective for the company. Jefferies Financial Group raised SL Green Realty from a “neutral” rating to a “buy” rating and increased their price objective for the company from $57.00 to $63.00 in a research note on Monday, October 13th. Bank of America reduced their price objective on SL Green Realty from $64.00 to $61.00 and set a “neutral” rating for the company in a research note on Friday, October 17th. Piper Sandler restated an “overweight” rating on shares of SL Green Realty in a report on Wednesday. Finally, Evercore ISI dropped their target price on SL Green Realty from $72.00 to $63.00 and set an “outperform” rating for the company in a report on Monday, October 20th. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and an average price target of $64.67.

SL Green Realty Stock Up 0.2%

NYSE SLG opened at $51.88 on Friday. The business has a fifty day moving average price of $58.13 and a 200 day moving average price of $58.04. SL Green Realty has a one year low of $45.15 and a one year high of $82.81. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.72 and a current ratio of 3.22. The company has a market cap of $3.70 billion, a P/E ratio of 5,192.99 and a beta of 1.77.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 15th. The real estate investment trust reported $1.58 EPS for the quarter, beating the consensus estimate of $1.34 by $0.24. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The firm had revenue of $149.67 million during the quarter, compared to the consensus estimate of $170.27 million. During the same period in the prior year, the company earned $1.26 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. Research analysts anticipate that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insider Transactions at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 937 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds have recently modified their holdings of SLG. Salomon & Ludwin LLC purchased a new position in shares of SL Green Realty during the 3rd quarter worth $29,000. Bessemer Group Inc. grew its holdings in shares of SL Green Realty by 67.8% during the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 253 shares during the period. MAI Capital Management grew its holdings in shares of SL Green Realty by 25.9% during the 2nd quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 203 shares during the period. Allworth Financial LP grew its holdings in shares of SL Green Realty by 2,432.8% during the 2nd quarter. Allworth Financial LP now owns 1,697 shares of the real estate investment trust’s stock worth $105,000 after purchasing an additional 1,630 shares during the period. Finally, State of Wyoming purchased a new position in shares of SL Green Realty during the 1st quarter worth $172,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

About SL Green Realty

3SL Green Realty Corp., Manhattan’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 June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.