SL Green Realty (NYSE:SLG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The firm currently has a $88.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s target price suggests a potential upside of 6.10% from the company’s current price.

According to Zacks, “SL Green owns premium office properties in its portfolio, has a diverse tenant base and enjoys solid balance-sheet strength. With a healthy job-market environment, growth in demand for SL Green’s office spaces is expected to be decent. This will enable the company to enjoy high rent and same-store net operating income (NOI) growth. In fact, expansion of co-working is boosting rents for SL Green. Further, the company is enhancing its office portfolio on the back of redevelopment efforts and non-core asset divestures. However, rising supply of office properties and a competitive landscape might curb its pricing power. Moreover, the company’s retail portfolio will likely be affected by the prevalent retail store closures and tenant bankruptcies. This apart, SL Green’ shares have underperformed its industry in the past three months.”

A number of other research analysts also recently commented on the stock. Robert W. Baird set a $92.00 price target on shares of SL Green Realty and gave the company a “hold” rating in a report on Wednesday, August 21st. Citigroup dropped their price target on SL Green Realty from $105.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Scotiabank cut SL Green Realty from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $96.00 to $84.00 in a research note on Friday, August 16th. ValuEngine downgraded SL Green Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, June 18th. Finally, Morgan Stanley lowered their price objective on SL Green Realty from $84.50 to $78.00 and set an “underweight” rating for the company in a research note on Tuesday. Three analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $93.34.

SL Green Realty stock traded up $0.44 during mid-day trading on Wednesday, reaching $82.94. 8,773 shares of the company’s stock traded hands, compared to its average volume of 616,233. The company has a market cap of $6.82 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 3.45 and a beta of 1.10. The stock has a 50 day moving average of $79.35 and a two-hundred day moving average of $85.21. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 1.01. SL Green Realty has a 12-month low of $75.46 and a 12-month high of $105.00.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. SL Green Realty had a net margin of 19.88% and a return on equity of 3.99%. The business had revenue of $244.96 million during the quarter, compared to analysts’ expectations of $241.61 million. During the same period last year, the company posted $1.69 EPS. The business’s revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts forecast that SL Green Realty will post 6.92 earnings per share for the current year.

In related news, Director Edwin T. Burton III sold 7,000 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $81.00, for a total transaction of $567,000.00. Following the transaction, the director now directly owns 292 shares in the company, valued at approximately $23,652. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.99% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. CSat Investment Advisory L.P. lifted its position in shares of SL Green Realty by 40.4% during the second quarter. CSat Investment Advisory L.P. now owns 594 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 171 shares during the last quarter. Marshall Wace North America L.P. purchased a new position in SL Green Realty in the 1st quarter worth about $72,000. Pearl River Capital LLC purchased a new position in SL Green Realty in the 2nd quarter worth about $125,000. Frontier Wealth Management LLC bought a new stake in SL Green Realty during the 2nd quarter valued at about $210,000. Finally, Quantamental Technologies LLC bought a new stake in SL Green Realty during the 2nd quarter valued at about $215,000. 99.90% of the stock is owned by hedge funds and other institutional investors.

SL Green Realty Company Profile

SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.

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