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

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

Other analysts have also recently issued research reports about the company. BMO Capital Markets reissued a buy rating and set a $100.00 price objective on shares of SL Green Realty in a report on Thursday, April 18th. Morgan Stanley set a $85.00 price target on SL Green Realty and gave the company a sell rating in a report on Monday, June 17th. Finally, ValuEngine cut SL Green Realty from a hold rating to a sell rating in a report on Tuesday, June 18th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $94.73.

SLG traded up $0.93 during trading on Friday, reaching $79.16. 895,500 shares of the company were exchanged, compared to its average volume of 762,420. The company’s 50-day moving average is $80.36 and its two-hundred day moving average is $86.71. The company has a market cap of $6.43 billion, a price-to-earnings ratio of 11.96, a P/E/G ratio of 3.27 and a beta of 1.10. The company has a quick ratio of 2.65, 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 $106.54.

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

In other SL Green Realty news, Director Edwin T. Burton III sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $81.00, for a total value of $567,000.00. Following the sale, the director now owns 292 shares of the company’s stock, valued at approximately $23,652. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.99% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Meeder Asset Management Inc. increased its position in shares of SL Green Realty by 1.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 8,612 shares of the real estate investment trust’s stock valued at $691,000 after purchasing an additional 145 shares during the last quarter. 6 Meridian increased its position in shares of SL Green Realty by 2.8% during the 2nd quarter. 6 Meridian now owns 5,515 shares of the real estate investment trust’s stock valued at $443,000 after purchasing an additional 149 shares during the last quarter. Charter Trust Co. increased its position in shares of SL Green Realty by 3.0% during the 1st quarter. Charter Trust Co. now owns 5,900 shares of the real estate investment trust’s stock valued at $531,000 after purchasing an additional 171 shares during the last quarter. CSat Investment Advisory L.P. increased its position in shares of SL Green Realty by 40.4% during the 2nd quarter. CSat Investment Advisory L.P. now owns 594 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 171 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of SL Green Realty by 0.7% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 26,614 shares of the real estate investment trust’s stock valued at $2,393,000 after purchasing an additional 177 shares during the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.

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 March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.

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