Morgan Stanley Increases SL Green Realty (NYSE:SLG) Price Target to $50.00

SL Green Realty (NYSE:SLG) had its price objective boosted by research analysts at Morgan Stanley from $47.00 to $50.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s target price points to a potential downside of 25.81% from the stock’s previous close.

SLG has been the subject of several other research reports. Evercore ISI raised SL Green Realty from an “underperform” rating to an “inline” rating and increased their price objective for the company from $55.00 to $66.00 in a report on Monday, September 16th. Wells Fargo & Company upped their target price on shares of SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a report on Wednesday, September 11th. Barclays increased their price target on SL Green Realty from $49.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. lifted their target price on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. Finally, Bank of America boosted their target price on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $60.43.

SL Green Realty Stock Up 0.3 %

Shares of SLG opened at $67.39 on Wednesday. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $73.80. The company has a 50 day moving average of $66.24 and a 200-day moving average of $58.74.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates 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 business 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 earnings per share. The firm’s revenue for the quarter was down 9.4% compared to the same quarter last year. On average, sell-side analysts predict that SL Green Realty will post 7.61 EPS for the current year.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prospect Financial Services LLC bought a new stake in shares of SL Green Realty during the 4th quarter valued at $12,373,000. Russell Investments Group Ltd. increased its position in shares of SL Green Realty by 24.7% during the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after buying an additional 158,268 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of SL Green Realty by 479.1% in the first quarter. Daiwa Securities Group Inc. now owns 113,028 shares of the real estate investment trust’s stock worth $6,231,000 after buying an additional 93,511 shares in the last quarter. Lighthouse Investment Partners LLC boosted its position in shares of SL Green Realty by 150.0% in the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after acquiring an additional 90,000 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in SL Green Realty by 9.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock valued at $56,350,000 after purchasing an additional 88,309 shares during the period. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Company Profile

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.