SL Green Realty (NYSE:SLG) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of SL Green Realty (NYSE:SLG) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday,Zacks reports.

SLG has been the topic of several other reports. Morgan Stanley set a $52.00 price objective on SL Green Realty and gave the stock an “equal weight” rating in a research note on Wednesday, July 22nd. Truist Financial set a $57.00 target price on SL Green Realty and gave the company a “hold” rating in a research report on Monday, August 24th. LADENBURG THALM/SH SH raised their price target on SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Barclays boosted their price objective on shares of SL Green Realty from $52.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 8th. Finally, UBS Group set a $60.00 price target on shares of SL Green Realty in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, SL Green Realty has a consensus rating of “Hold” and a consensus target price of $57.42.

SL Green Realty Stock Down 4.9%

Shares of SLG opened at $49.93 on Tuesday. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -18.29, a price-to-earnings-growth ratio of 3.05 and a beta of 1.60. SL Green Realty has a 1 year low of $34.77 and a 1 year high of $61.80. The business’s 50 day simple moving average is $54.49 and its 200-day simple moving average is $47.68. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.10 and a quick ratio of 3.10.

SL Green Realty (NYSE:SLG) last posted its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The firm had revenue of $264.00 million during the quarter, compared to analyst estimates of $179.01 million. During the same period last year, the firm posted $1.63 earnings per share. SL Green Realty’s revenue for the quarter was up 16.5% compared to the same quarter last year. As a group, equities analysts expect that SL Green Realty will post 5.56 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $0.6175 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.9%. SL Green Realty’s dividend payout ratio is presently -90.48%.

Insider Buying and Selling

In related news, insider Harrison Sitomer sold 23,113 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $57.71, for a total value of $1,333,851.23. Following the transaction, the insider owned 109,468 shares of the company’s stock, valued at $6,317,398.28. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.94% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SL Green Realty

Large investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC boosted its holdings in shares of SL Green Realty by 11.3% in the second quarter. Sequoia Financial Advisors LLC now owns 14,694 shares of the real estate investment trust’s stock valued at $761,000 after purchasing an additional 1,492 shares during the period. Integrated Wealth Concepts LLC purchased a new position in SL Green Realty during the 2nd quarter worth $33,000. NewEdge Advisors LLC increased its holdings in SL Green Realty by 1,110.4% during the 2nd quarter. NewEdge Advisors LLC now owns 4,648 shares of the real estate investment trust’s stock worth $241,000 after purchasing an additional 4,264 shares during the period. Squarepoint Ops LLC raised its position in SL Green Realty by 66.5% during the 2nd quarter. Squarepoint Ops LLC now owns 182,962 shares of the real estate investment trust’s stock valued at $9,472,000 after purchasing an additional 73,042 shares in the last quarter. Finally, Allworth Financial LP raised its position in SL Green Realty by 24.3% during the 2nd quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust’s stock valued at $132,000 after purchasing an additional 499 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Company Profile

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and operating commercial properties in Manhattan. The company’s portfolio is centered on office buildings, with additional interests in retail, residential and other mixed-use real estate.

SL Green leases space to businesses across a range of industries and provides property management, leasing, development and redevelopment services. Its Manhattan holdings include prominent office properties such as One Vanderbilt, along with retail and hospitality-related assets.