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 on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price target points to a potential upside of 16.02% from the stock’s previous close.

Several other equities analysts also recently weighed in on SLG. Mizuho boosted their target price on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Wells Fargo & Company cut their target price on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Barclays cut their target price on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 28th. Finally, Compass Point boosted their target price on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $70.67.

SL Green Realty Price Performance

Shares of SLG traded up $0.08 during mid-day trading on Friday, hitting $64.65. 1,187,231 shares of the stock were exchanged, compared to its average volume of 763,711. The company has a market cap of $4.26 billion, a PE ratio of 808.06, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82. SL Green Realty has a 52-week low of $46.83 and a 52-week high of $82.81. The firm has a 50-day moving average of $65.70 and a two-hundred day moving average of $69.61. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate 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, equities analysts predict that SL Green Realty will post 5.43 earnings per share for the current year.

Insiders Place Their Bets

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the sale, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This represents a 62.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.08% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently made changes to their positions in the company. Venturi Wealth Management LLC lifted its stake in shares of SL Green Realty by 272.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 272 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of SL Green Realty during the 3rd quarter worth $35,000. Jones Financial Companies Lllp purchased a new stake in shares of SL Green Realty during the 4th quarter worth $39,000. Quadrant Capital Group LLC lifted its stake in shares of SL Green Realty by 37.4% during the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 208 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in shares of SL Green Realty by 363.2% during the 3rd quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 632 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

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.