SL Green Realty (NYSE:SLG) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of SL Green Realty (NYSE:SLG) from a strong sell rating to a sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other research analysts have also issued reports on the stock. Barclays set a $52.00 price target on shares of SL Green Realty and gave the stock an “equal weight” rating in a research note on Tuesday, July 21st. Morgan Stanley set a $52.00 target price on SL Green Realty and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. BMO Capital Markets restated an “outperform” rating and set a $60.00 target price (up from $52.00) on shares of SL Green Realty in a research report on Monday, July 27th. Citigroup restated a “buy” rating and set a $60.00 target price (up from $45.00) on shares of SL Green Realty in a research report on Friday, July 24th. Finally, Scotiabank upped their price target on shares of SL Green Realty from $56.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 5th. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus price target of $56.83.

SL Green Realty Stock Performance

NYSE SLG opened at $55.56 on Friday. The firm has a market cap of $3.95 billion, a P/E ratio of -20.35, a P/E/G ratio of 2.40 and a beta of 1.60. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $66.29. The business’s 50-day moving average price is $54.07 and its 200 day moving average price is $46.37. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.21. The company had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $179.01 million. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period last year, the firm earned $1.63 EPS. On average, equities research analysts expect that SL Green Realty will post 5.53 earnings per share for the current year.

SL Green Realty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.6175 per share. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, June 30th. SL Green Realty’s dividend payout ratio (DPR) is -90.48%.

Insider Activity

In related news, insider Harrison Sitomer sold 23,113 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the sale, the insider owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. This represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds have recently bought and sold shares of SLG. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of SL Green Realty by 15,825.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 480,634 shares of the real estate investment trust’s stock worth $24,882,000 after purchasing an additional 477,616 shares during the last quarter. Clear Harbor Asset Management LLC acquired a new position in SL Green Realty in the 2nd quarter valued at $2,043,000. Jupiter Topco LLC acquired a new position in SL Green Realty in the 2nd quarter valued at $1,556,000. Hosking Partners LLP lifted its stake in shares of SL Green Realty by 18.5% during the 4th quarter. Hosking Partners LLP now owns 290,166 shares of the real estate investment trust’s stock worth $13,310,000 after purchasing an additional 45,337 shares during the period. Finally, Royal Bank of Canada lifted its stake in shares of SL Green Realty by 903.3% during the 1st quarter. Royal Bank of Canada now owns 142,614 shares of the real estate investment trust’s stock worth $5,268,000 after purchasing an additional 128,400 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.