SL Green Realty Corp (NYSE:SLG) Short Interest Up 10.5% in October

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SL Green Realty Corp (NYSE:SLG) was the recipient of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 3,060,000 shares, an increase of 10.5% from the September 30th total of 2,770,000 shares. Based on an average daily trading volume, of 727,700 shares, the short-interest ratio is presently 4.2 days. Currently, 3.8% of the company’s shares are sold short.

SLG has been the topic of several recent analyst reports. Morgan Stanley cut their price objective on SL Green Realty from $84.50 to $78.00 and set an “underweight” rating on the stock in a report on Tuesday, September 10th. Zacks Investment Research upgraded SL Green Realty from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a report on Wednesday, September 11th. Citigroup cut their price objective on SL Green Realty from $105.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Goldman Sachs Group initiated coverage on SL Green Realty in a report on Friday, November 8th. They set a “buy” rating and a $96.00 price objective on the stock. Finally, Robert W. Baird set a $92.00 price objective on SL Green Realty and gave the company a “hold” rating in a report on Wednesday, August 21st. Three analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $93.49.

A number of institutional investors have recently made changes to their positions in SLG. CSat Investment Advisory L.P. raised its position in SL Green Realty by 40.4% in 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 buying an additional 171 shares during the last quarter. Marshall Wace North America L.P. acquired a new stake in SL Green Realty in the 1st quarter valued at approximately $72,000. Pearl River Capital LLC acquired a new stake in SL Green Realty in the 2nd quarter valued at approximately $125,000. Oppenheimer Asset Management Inc. acquired a new stake in SL Green Realty in the 3rd quarter valued at approximately $177,000. Finally, Frontier Wealth Management LLC acquired a new stake in SL Green Realty in the 2nd quarter valued at approximately $210,000. 99.09% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:SLG traded up $0.40 during trading on Friday, hitting $85.99. 674,999 shares of the company’s stock traded hands, compared to its average volume of 667,369. SL Green Realty has a 52 week low of $75.46 and a 52 week high of $97.59. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.99. The company has a market cap of $6.75 billion, a price-to-earnings ratio of 12.99, a price-to-earnings-growth ratio of 3.11 and a beta of 1.06. The company has a 50-day moving average price of $82.36 and a 200-day moving average price of $82.67.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by ($1.33). SL Green Realty had a net margin of 15.37% and a return on equity of 3.18%. The business had revenue of $248.03 million for the quarter, compared to the consensus estimate of $243.02 million. During the same quarter last year, the firm earned $1.69 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, analysts predict that SL Green Realty will post 6.95 earnings per share for the current fiscal year.

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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