Investors Buy Shares of SL Green Realty Corporation (SLG) on Weakness
Investors bought shares of SL Green Realty Corporation (NYSE:SLG) on weakness during trading hours on Thursday. $35.20 million flowed into the stock on the tick-up and $17.38 million flowed out of the stock on the tick-down, for a money net flow of $17.82 million into the stock. Of all stocks tracked, SL Green Realty Corporation had the 33rd highest net in-flow for the day. SL Green Realty Corporation traded down ($0.67) for the day and closed at $96.38
Several brokerages have recently issued reports on SLG. Morgan Stanley cut shares of SL Green Realty Corporation from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $120.00 to $106.00 in a research note on Tuesday, June 13th. BMO Capital Markets reaffirmed a “buy” rating and issued a $127.00 price objective on shares of SL Green Realty Corporation in a research note on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) began coverage on shares of SL Green Realty Corporation in a research note on Thursday, June 22nd. They issued a “buy” rating and a $121.00 price objective on the stock. BidaskClub raised shares of SL Green Realty Corporation from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. Finally, Barclays PLC lowered their price objective on shares of SL Green Realty Corporation from $111.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $116.31.
The firm has a 50-day moving average of $100.47 and a 200-day moving average of $104.86. The stock has a market cap of $9.61 billion, a price-to-earnings ratio of 99.80 and a beta of 1.19.
SL Green Realty Corporation (NYSE:SLG) last announced its quarterly earnings results on Wednesday, July 19th. The real estate investment trust reported $0.08 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $279.41 million during the quarter, compared to the consensus estimate of $281.40 million. On average, analysts predict that SL Green Realty Corporation will post $1.34 EPS for the current year.
In related news, Director John H. Alschuler, Jr. sold 6,000 shares of the 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 sale, the director now directly owns 7,196 shares of the company’s stock, valued at approximately $768,101.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.09% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Korea Investment CORP boosted its stake in SL Green Realty Corporation by 13,531.4% in the first quarter. Korea Investment CORP now owns 16,085 shares of the real estate investment trust’s stock worth $1,715,000 after buying an additional 15,967 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in SL Green Realty Corporation by 170.0% in the first quarter. Canada Pension Plan Investment Board now owns 45,934 shares of the real estate investment trust’s stock worth $4,897,000 after buying an additional 28,924 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in SL Green Realty Corporation by 2.9% in the first quarter. Great West Life Assurance Co. Can now owns 130,406 shares of the real estate investment trust’s stock worth $13,894,000 after buying an additional 3,734 shares during the last quarter. Commerzbank Aktiengesellschaft FI acquired a new stake in SL Green Realty Corporation during the first quarter worth about $289,000. Finally, Tyers Asset Management LLC boosted its stake in SL Green Realty Corporation by 10.5% in the first quarter. Tyers Asset Management LLC now owns 3,836 shares of the real estate investment trust’s stock worth $409,000 after buying an additional 364 shares during the last quarter.
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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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