SL Green Realty (NYSE:SLG) PT Raised to $75.00 at Piper Sandler

SL Green Realty (NYSE:SLG) had its price target raised by equities research analysts at Piper Sandler from $58.00 to $75.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s price objective would suggest a potential upside of 18.75% from the stock’s current price.

Several other research firms have also recently issued reports on SLG. Morgan Stanley raised their price objective on shares of SL Green Realty from $41.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 28th. Truist Financial raised their price objective on shares of SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. BMO Capital Markets upgraded shares of SL Green Realty from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $56.00 to $58.00 in a research report on Thursday, April 18th. Citigroup raised their price objective on shares of SL Green Realty from $31.00 to $37.00 and gave the stock a “sell” rating in a research report on Thursday, June 13th. Finally, Scotiabank upgraded shares of SL Green Realty from a “sector underperform” rating to a “sector perform” rating and raised their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $47.38.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $63.16 on Wednesday. The firm has a 50-day simple moving average of $56.04 and a 200-day simple moving average of $51.49. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of -7.65, a price-to-earnings-growth ratio of 2.01 and a beta of 1.83. The company has a quick ratio of 2.96, a current ratio of 2.59 and a debt-to-equity ratio of 0.99. SL Green Realty has a 52 week low of $28.55 and a 52 week high of $66.54.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. The business had revenue of $222.82 million during the quarter, compared to analysts’ expectations of $133.83 million. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.43 earnings per share. On average, equities analysts predict that SL Green Realty will post 7.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SLG. Norges Bank purchased a new position in shares of SL Green Realty in the fourth quarter valued at approximately $18,664,000. Prospect Financial Services LLC purchased a new position in shares of SL Green Realty in the fourth quarter valued at approximately $12,373,000. Kettle Hill Capital Management LLC purchased a new position in shares of SL Green Realty in the fourth quarter valued at approximately $11,832,000. Russell Investments Group Ltd. lifted its stake in SL Green Realty by 24.7% in the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock worth $44,067,000 after acquiring an additional 158,268 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in SL Green Realty by 148.0% in the fourth quarter. Allianz Asset Management GmbH now owns 259,027 shares of the real estate investment trust’s stock worth $11,700,000 after acquiring an additional 154,578 shares during 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.