SL Green Realty Corporation (NYSE:SLG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

According to Zacks, “Shares of SL Green have underperformed the industry it belongs to, year to date. Also, the stock has seen the Zacks Consensus Estimate for third quarter and current-year funds from operations (FFO) per share being revised downward in a week’s time. Nevertheless, recently, SL Green announced that two of Germany's financial institutions — Deutsche Zentral-Genossenschaftsbank and DVB Bank SE — have signed new leases at One Vanderbilt Avenue. The move depicts the solid demand for space at this iconic property. SL Green enjoys high-quality office properties, diverse tenant base, makes opportunistic investments and has solid balance-sheet strength. However, the company faces intense competition from developers, owners and operators of office properties and other commercial real estate. Moreover, new supply and rate hike add to its woes.”

SLG has been the subject of several other reports. Morgan Stanley reiterated an “equal weight” rating and set a $104.00 price objective (down from $106.00) on shares of SL Green Realty Corporation in a research report on Friday, September 1st. BidaskClub cut shares of SL Green Realty Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. Citigroup Inc. decreased their price objective on shares of SL Green Realty Corporation from $129.00 to $125.00 and set a “buy” rating for the company in a research report on Wednesday, July 26th. KeyCorp reiterated a “buy” rating and set a $130.00 price objective on shares of SL Green Realty Corporation in a research report on Friday, August 25th. Finally, Barclays PLC decreased their price objective on shares of SL Green Realty Corporation from $110.00 to $109.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. SL Green Realty Corporation presently has an average rating of “Hold” and an average price target of $115.58.

Shares of SL Green Realty Corporation (NYSE SLG) traded down 0.51% during trading on Tuesday, hitting $102.35. 406,138 shares of the stock traded hands. SL Green Realty Corporation has a 1-year low of $93.90 and a 1-year high of $115.34. The firm has a 50-day moving average of $99.88 and a 200-day moving average of $102.87. The firm has a market capitalization of $10.13 billion, a price-to-earnings ratio of 105.19 and a beta of 1.20.

SL Green Realty Corporation (NYSE:SLG) last released its quarterly earnings results on Wednesday, July 19th. The real estate investment trust reported $0.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $279.41 million for the quarter, compared to the consensus estimate of $281.40 million. On average, equities analysts forecast that SL Green Realty Corporation will post $0.24 earnings per share for the current year.

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A number of large investors have recently bought and sold shares of the business. Somerset Trust Co grew its holdings in SL Green Realty Corporation by 0.5% in the second quarter. Somerset Trust Co now owns 4,052 shares of the real estate investment trust’s stock worth $429,000 after purchasing an additional 19 shares during the period. Keybank National Association OH grew its holdings in SL Green Realty Corporation by 2.3% in the second quarter. Keybank National Association OH now owns 3,533 shares of the real estate investment trust’s stock worth $374,000 after purchasing an additional 79 shares during the period. Louisiana State Employees Retirement System grew its holdings in SL Green Realty Corporation by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 6,300 shares of the real estate investment trust’s stock worth $667,000 after purchasing an additional 100 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in SL Green Realty Corporation by 1.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,565 shares of the real estate investment trust’s stock worth $800,000 after purchasing an additional 104 shares during the period. Finally, GAM Holding AG grew its holdings in SL Green Realty Corporation by 1.1% in the second quarter. GAM Holding AG now owns 12,259 shares of the real estate investment trust’s stock worth $1,297,000 after purchasing an additional 135 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.

Analyst Recommendations for SL Green Realty Corporation (NYSE:SLG)

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