SL Green Realty (NYSE:SLG) Upgraded to “Overweight” at Barclays

SL Green Realty (NYSE:SLG) was upgraded by equities research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report released on Monday, February 4th, Marketbeat.com reports. The firm currently has a $100.00 price target on the real estate investment trust’s stock, up from their previous price target of $97.00. Barclays‘s price target indicates a potential upside of 10.95% from the company’s previous close.

Several other equities research analysts have also weighed in on SLG. TheStreet lowered SL Green Realty from a “b-” rating to a “c+” rating in a report on Friday, November 2nd. Scotiabank started coverage on SL Green Realty in a report on Tuesday, October 16th. They set an “outperform” rating for the company. ValuEngine upgraded SL Green Realty from a “sell” rating to a “hold” rating in a report on Thursday, January 10th. KeyCorp set a $100.00 price target on SL Green Realty and gave the stock a “buy” rating in a report on Thursday, December 20th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $90.00 price target on shares of SL Green Realty in a report on Monday, January 7th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $102.65.

NYSE:SLG traded down $0.59 on Monday, hitting $90.13. 506,464 shares of the company’s stock traded hands, compared to its average volume of 611,357. The stock has a market cap of $7.80 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 2.91 and a beta of 1.34. SL Green Realty has a 1 year low of $76.77 and a 1 year high of $106.54. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.05 and a quick ratio of 1.93.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, January 23rd. The real estate investment trust reported ($0.73) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.72 by ($2.45). SL Green Realty had a net margin of 20.15% and a return on equity of 3.82%. The firm had revenue of $317.04 million during the quarter, compared to the consensus estimate of $255.12 million. During the same period in the previous year, the firm posted $1.60 EPS. The company’s quarterly revenue was down 12.3% compared to the same quarter last year. On average, equities research analysts anticipate that SL Green Realty will post 6.92 earnings per share for the current year.

In other news, CEO Marc Holliday sold 55,000 shares of the firm’s stock in a transaction dated Wednesday, December 19th. The stock was sold at an average price of $85.04, for a total transaction of $4,677,200.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Craig M. Hatkoff sold 2,500 shares of the firm’s stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $92.24, for a total value of $230,600.00. Following the transaction, the director now directly owns 2,352 shares in the company, valued at $216,948.48. The disclosure for this sale can be found here. Insiders have sold 167,500 shares of company stock worth $14,063,100 in the last 90 days. Company insiders own 3.65% of the company’s stock.

Large investors have recently made changes to their positions in the company. Boston Partners raised its position in shares of SL Green Realty by 13.5% during the 4th quarter. Boston Partners now owns 6,317,316 shares of the real estate investment trust’s stock valued at $499,574,000 after buying an additional 749,249 shares in the last quarter. FMR LLC raised its position in 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 purchasing an additional 554,789 shares during the last quarter. BlackRock Inc. raised its position in SL Green Realty by 6.0% in the 4th quarter. BlackRock Inc. now owns 9,130,834 shares of the real estate investment trust’s stock valued at $722,065,000 after purchasing an additional 516,276 shares during the last quarter. JPMorgan Chase & Co. raised its position in SL Green Realty by 300.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 681,159 shares of the real estate investment trust’s stock valued at $66,434,000 after purchasing an additional 510,858 shares during the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd purchased a new stake in SL Green Realty in the 4th quarter valued at $36,840,000.

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 December 31, 2018, SL Green held interests in 101 Manhattan buildings totaling 46.0 million square feet.

See Also: How to invest in a bear market

Analyst Recommendations for SL Green Realty (NYSE:SLG)

Receive News & Ratings for SL Green Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SL Green Realty and related companies with MarketBeat.com's FREE daily email newsletter.