SL Green Realty Corporation (NYSE:SLG) was downgraded by equities researchers at Bank of America Corporation from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday. They currently have a $110.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $113.00. Bank of America Corporation’s price objective would suggest a potential upside of 12.64% from the company’s previous close.
A number of other research analysts have also recently weighed in on the company. Barclays PLC reduced their target price on SL Green Realty Corporation from $111.00 to $110.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 18th. Jefferies Group LLC restated a “hold” rating and set a $113.00 price objective on shares of SL Green Realty Corporation in a research note on Thursday, April 20th. Goldman Sachs Group, Inc. (The) began coverage on SL Green Realty Corporation in a research note on Thursday, June 22nd. They set a “buy” rating and a $121.00 price objective on the stock. ValuEngine cut SL Green Realty Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Morgan Stanley cut SL Green Realty Corporation from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $120.00 to $106.00 in a research note on Tuesday, June 13th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $116.54.
SL Green Realty Corporation (NYSE:SLG) opened at 97.66 on Wednesday. The firm has a market cap of $9.67 billion, a price-to-earnings ratio of 100.37 and a beta of 1.18. SL Green Realty Corporation has a 52 week low of $93.90 and a 52 week high of $118.87. The stock has a 50 day moving average price of $102.40 and a 200 day moving average price of $105.78.
SL Green Realty Corporation (NYSE:SLG) last issued its earnings results on Wednesday, July 19th. The real estate investment trust reported $0.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.62 by $1.54. SL Green Realty Corporation had a net margin of 7.20% and a return on equity of 1.43%. The firm had revenue of $279.41 million during the quarter, compared to analyst estimates of $281.40 million. Equities research analysts expect that SL Green Realty Corporation will post $1.59 EPS for the current year.
In other news, Director John H. Alschuler, Jr. sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $106.74, for a total transaction of $640,440.00. Following the completion of the transaction, the director now directly owns 7,196 shares in the company, valued at $768,101.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.09% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Gulf International Bank UK Ltd increased its stake in SL Green Realty Corporation by 2.0% in the first quarter. Gulf International Bank UK Ltd now owns 31,031 shares of the real estate investment trust’s stock worth $3,308,000 after buying an additional 600 shares during the period. National Pension Service increased its stake in SL Green Realty Corporation by 6.1% in the first quarter. National Pension Service now owns 101,791 shares of the real estate investment trust’s stock worth $10,704,000 after buying an additional 5,848 shares during the period. Fox Run Management L.L.C. increased its stake in SL Green Realty Corporation by 62.9% in the first quarter. Fox Run Management L.L.C. now owns 6,026 shares of the real estate investment trust’s stock worth $642,000 after buying an additional 2,326 shares during the period. DnB Asset Management AS purchased a new stake in SL Green Realty Corporation during the first quarter worth $1,223,000. Finally, Quantitative Systematic Strategies LLC increased its stake in SL Green Realty Corporation by 3.0% in the first quarter. Quantitative Systematic Strategies LLC now owns 2,926 shares of the real estate investment trust’s stock worth $312,000 after buying an additional 84 shares during the period.
About SL Green Realty Corporation
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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