Scotiabank Issues Pessimistic Forecast for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its price target cut by stock analysts at Scotiabank from $81.00 to $75.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price target suggests a potential upside of 16.02% from the company’s previous close.

A number of other research analysts have also weighed in on the company. JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $51.00 to $80.00 in a report on Tuesday, December 10th. Truist Financial increased their price objective on SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a report on Monday, January 27th. Barclays cut their price objective on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. Mizuho increased their price objective on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Finally, Bank of America cut their price objective on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $70.67.

SL Green Realty Stock Up 0.1 %

SL Green Realty stock traded up $0.08 during midday trading on Friday, reaching $64.65. The company’s stock had a trading volume of 1,187,231 shares, compared to its average volume of 763,711. The stock’s 50-day simple moving average is $65.70 and its 200-day simple moving average is $69.61. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. SL Green Realty has a 52-week low of $46.83 and a 52-week high of $82.81. The stock has a market capitalization of $4.26 billion, a P/E ratio of 808.06, a PEG ratio of 5.30 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. On average, sell-side analysts expect that SL Green Realty will post 5.43 EPS for the current year.

Insiders Place Their Bets

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the transaction, the director now owns 2,052 shares in the company, valued at approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC boosted its position in SL Green Realty by 4.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 3,769 shares of the real estate investment trust’s stock worth $262,000 after purchasing an additional 148 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of SL Green Realty by 17.7% in the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 157 shares in the last quarter. MML Investors Services LLC lifted its position in shares of SL Green Realty by 2.7% in the third quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 161 shares in the last quarter. Norinchukin Bank The lifted its position in shares of SL Green Realty by 6.6% in the fourth quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust’s stock valued at $212,000 after acquiring an additional 192 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of SL Green Realty by 5.1% in the fourth quarter. GAMMA Investing LLC now owns 4,192 shares of the real estate investment trust’s stock valued at $285,000 after acquiring an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

About SL Green Realty

3SL Green Realty Corp., Manhattan’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 June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.