ValuEngine Upgrades SL Green Realty (SLG) to “Hold”

ValuEngine upgraded shares of SL Green Realty (NYSE:SLG) from a sell rating to a hold rating in a research note published on Thursday.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. decreased their price target on SL Green Realty from $107.00 to $106.00 and set a neutral rating on the stock in a research note on Wednesday, October 24th. Robert W. Baird lowered SL Green Realty from an outperform rating to a neutral rating and decreased their price target for the company from $109.00 to $103.00 in a research note on Tuesday, October 23rd. Scotiabank began coverage on SL Green Realty in a research note on Tuesday, October 16th. They issued an outperform rating on the stock. SunTrust Banks reaffirmed a hold rating and issued a $107.00 price target on shares of SL Green Realty in a research note on Tuesday, December 4th. Finally, Deutsche Bank raised SL Green Realty from a hold rating to a buy rating and upped their price target for the company from $114.00 to $118.00 in a research note on Monday, December 10th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. SL Green Realty currently has an average rating of Hold and a consensus target price of $106.17.

NYSE SLG opened at $87.53 on Thursday. The firm has a market cap of $7.28 billion, a price-to-earnings ratio of 13.57, a P/E/G ratio of 2.79 and a beta of 1.20. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.86. SL Green Realty has a fifty-two week low of $76.77 and a fifty-two week high of $106.54.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, October 17th. The real estate investment trust reported $1.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.69 by ($0.66). The company had revenue of $250.87 million for the quarter, compared to analyst estimates of $242.18 million. SL Green Realty had a return on equity of 5.05% and a net margin of 26.46%. The business’s quarterly revenue was down 21.5% on a year-over-year basis. During the same period last year, the firm posted $1.49 EPS. Equities analysts anticipate that SL Green Realty will post 6.69 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Wednesday, January 2nd will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.88%. The ex-dividend date is Monday, December 31st. This is an increase from SL Green Realty’s previous quarterly dividend of $0.81. SL Green Realty’s payout ratio is currently 52.71%.

In related news, CEO Marc Holliday sold 110,000 shares of the business’s stock in a transaction on Friday, December 21st. The stock was sold at an average price of $83.23, for a total value of $9,155,300.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Matthew J. Diliberto sold 3,967 shares of the business’s stock in a transaction on Friday, October 26th. The shares were sold at an average price of $92.07, for a total value of $365,241.69. Following the completion of the sale, the chief financial officer now owns 36,234 shares in the company, valued at approximately $3,336,064.38. The disclosure for this sale can be found here. Insiders sold a total of 203,967 shares of company stock worth $17,427,192 in the last quarter. Company insiders own 3.65% of the company’s stock.

Several hedge funds have recently bought and sold shares of SLG. FMR LLC raised its holdings in shares of SL Green Realty by 12.0% in the 3rd quarter. FMR LLC now owns 5,189,470 shares of the real estate investment trust’s stock valued at $506,128,000 after buying an additional 554,789 shares during the period. JPMorgan Chase & Co. increased its holdings in SL Green Realty by 300.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 681,159 shares of the real estate investment trust’s stock worth $66,434,000 after purchasing an additional 510,858 shares during the period. Advisors Asset Management Inc. increased its holdings in SL Green Realty by 2,613.6% during the 2nd quarter. Advisors Asset Management Inc. now owns 337,387 shares of the real estate investment trust’s stock worth $1,207,000 after purchasing an additional 324,954 shares during the period. Bank of America Corp DE increased its holdings in SL Green Realty by 231.3% during the 2nd quarter. Bank of America Corp DE now owns 454,967 shares of the real estate investment trust’s stock worth $45,739,000 after purchasing an additional 317,654 shares during the period. Finally, Cambiar Investors LLC purchased a new stake in SL Green Realty during the 3rd quarter worth about $30,660,000.

About SL Green Realty

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 September 30, 2018, SL Green held interests in 106 Manhattan buildings totaling 46.4 million square feet.

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Analyst Recommendations for SL Green Realty (NYSE:SLG)

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