SL Green Realty (NYSE:SLG) Downgraded to “Sector Perform” at Scotiabank

Scotiabank cut shares of SL Green Realty (NYSE:SLG) from an outperform rating to a sector perform rating in a research note issued to investors on Friday, BenzingaRatingsTable reports. Scotiabank currently has $84.00 price target on the real estate investment trust’s stock, down from their previous price target of $96.00.

SLG has been the topic of a number of other research reports. BMO Capital Markets reaffirmed a buy rating and set a $100.00 target price on shares of SL Green Realty in a report on Thursday, April 18th. Morgan Stanley set a $85.00 target price on SL Green Realty and gave the stock a sell rating in a report on Monday, June 17th. Finally, ValuEngine downgraded SL Green Realty from a hold rating to a sell rating in a report on Tuesday, June 18th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $94.73.

NYSE:SLG opened at $79.18 on Friday. The company has a quick ratio of 2.65, a current ratio of 1.91 and a debt-to-equity ratio of 1.01. The business’s 50 day moving average is $80.30 and its two-hundred day moving average is $86.60. SL Green Realty has a 52 week low of $75.46 and a 52 week high of $106.54. The company has a market cap of $6.45 billion, a PE ratio of 11.96, a P/E/G ratio of 3.28 and a beta of 1.10.

SL Green Realty (NYSE:SLG) last released its earnings results 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 return on equity of 3.99% and a net margin of 19.88%. The company had revenue of $244.96 million for the quarter, compared to the consensus estimate of $241.61 million. During the same quarter last year, the business posted $1.69 EPS. SL Green Realty’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts expect that SL Green Realty will post 6.92 EPS for the current fiscal year.

In other news, Director Edwin T. Burton III sold 7,000 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $81.00, for a total transaction of $567,000.00. Following the sale, 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 can be accessed through the SEC website. 3.99% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in SLG. Phocas Financial Corp. increased its position in SL Green Realty by 5.6% in the 1st quarter. Phocas Financial Corp. now owns 9,411 shares of the real estate investment trust’s stock valued at $846,000 after acquiring an additional 499 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in SL Green Realty by 17.7% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 50,710 shares of the real estate investment trust’s stock valued at $4,560,000 after acquiring an additional 7,622 shares during the period. Westpac Banking Corp increased its position in SL Green Realty by 32.3% in the 1st quarter. Westpac Banking Corp now owns 98,688 shares of the real estate investment trust’s stock valued at $8,874,000 after acquiring an additional 24,068 shares during the period. 6 Meridian increased its position in SL Green Realty by 2.8% in the 2nd quarter. 6 Meridian now owns 5,515 shares of the real estate investment trust’s stock valued at $443,000 after acquiring an additional 149 shares during the period. Finally, Pensionfund DSM Netherlands increased its position in SL Green Realty by 10.5% in the 2nd quarter. Pensionfund DSM Netherlands now owns 44,123 shares of the real estate investment trust’s stock valued at $3,546,000 after acquiring an additional 4,200 shares during the period. Institutional investors and hedge funds own 97.49% of the company’s stock.

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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Analyst Recommendations for SL Green Realty (NYSE:SLG)

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