SL Green Realty (NYSE:SLG) Price Target Raised to $68.00

SL Green Realty (NYSE:SLG) had its price objective raised by Scotiabank from $53.00 to $68.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective points to a potential upside of 10.88% from the stock’s previous close.

A number of other equities analysts have also recently commented on the company. The Goldman Sachs Group raised their target price on SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Evercore ISI upped their target price on shares of SL Green Realty from $47.00 to $49.00 and gave the stock an “underperform” rating in a research note on Monday, July 1st. Piper Sandler raised their price target on shares of SL Green Realty from $58.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. boosted their price target on shares of SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a research note on Tuesday. Finally, Truist Financial increased their price objective on SL Green Realty from $47.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Six investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $51.31.

SL Green Realty Trading Down 1.5 %

SLG stock traded down $0.94 during mid-day trading on Wednesday, hitting $61.33. 449,348 shares of the company were exchanged, compared to its average volume of 1,105,184. SL Green Realty has a 12-month low of $28.55 and a 12-month high of $68.92. The firm has a market capitalization of $4.04 billion, a P/E ratio of -7.42, a PEG ratio of 2.02 and a beta of 1.83. The business has a fifty day simple moving average of $58.10 and a 200-day simple moving average of $52.69. The company has a quick ratio of 2.96, a current ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The firm had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. During the same quarter last year, the firm earned $1.43 EPS. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. On average, equities research analysts predict that SL Green Realty will post 7.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently bought and sold shares of SLG. Allspring Global Investments Holdings LLC purchased a new position in shares of SL Green Realty during the second quarter worth about $29,000. Private Trust Co. NA purchased a new position in shares of SL Green Realty during the fourth quarter worth approximately $33,000. Rothschild Investment LLC acquired a new position in shares of SL Green Realty in the 2nd quarter valued at $55,000. Fidelis Capital Partners LLC purchased a new stake in SL Green Realty in the 1st quarter valued at $55,000. Finally, GAMMA Investing LLC acquired a new position in SL Green Realty in the fourth quarter valued at $140,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.