SL Green Realty (NYSE:SLG) Price Target Raised to $54.00

by · The Cerbat Gem

SL Green Realty (NYSE:SLG – Get Free Report) had its price target upped by investment analysts at Barclays from $52.00 to $54.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price objective indicates a potential downside of 0.59% from the company’s previous close.

Several other equities research analysts have also recently issued reports on SLG. Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a research report on Tuesday, August 25th. Truist Financial set a $57.00 price target on shares of SL Green Realty and gave the stock a “hold” rating in a research note on Monday, August 24th. BMO Capital Markets reaffirmed an “outperform” rating and set a $60.00 price target (up from $52.00) on shares of SL Green Realty in a research note on Monday, July 27th. Citigroup reiterated a “buy” rating and issued a $60.00 price target (up from $45.00) on shares of SL Green Realty in a report on Friday, July 24th. Finally, Piper Sandler set a $79.00 price objective on shares of SL Green Realty and gave the company an “overweight” rating in a research note on Friday, July 24th. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and an average target price of $56.92.

Check Out Our Latest Analysis on SLG

SL Green Realty Trading Down 2.2%

NYSE SLG traded down $1.24 during trading hours on Tuesday, hitting $54.32. 28,581 shares of the company’s stock were exchanged, compared to its average volume of 1,198,162. The business’s 50 day moving average is $54.12 and its 200-day moving average is $46.53. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. SL Green Realty has a 12-month low of $34.77 and a 12-month high of $66.29. The firm has a market capitalization of $3.86 billion, a P/E ratio of -19.87, a price-to-earnings-growth ratio of 2.40 and a beta of 1.60.

SL Green Realty (NYSE:SLG – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.The company had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $179.01 million. During the same quarter in the previous year, the business earned $1.63 EPS. The firm’s revenue was up 16.5% on a year-over-year basis. As a group, analysts anticipate that SL Green Realty will post 5.53 EPS for the current fiscal year.

Insider Transactions at SL Green Realty

In related news, insider Harrison Sitomer sold 23,113 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the completion of the sale, the insider owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. This represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Several large investors have recently made changes to their positions in SLG. BlackRock Inc. acquired a new position in shares of SL Green Realty during the 2nd quarter valued at $706,881,000. State Street Corp boosted its position in SL Green Realty by 1.0% during the 2nd quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust’s stock worth $264,636,000 after purchasing an additional 41,873 shares during the period. California State Teachers Retirement System increased its holdings in SL Green Realty by 4,932.5% in the 2nd quarter. California State Teachers Retirement System now owns 4,221,844 shares of the real estate investment trust’s stock valued at $218,565,000 after purchasing an additional 4,137,952 shares in the last quarter. Alyeska Investment Group L.P. increased its holdings in SL Green Realty by 25.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 3,041,226 shares of the real estate investment trust’s stock valued at $139,501,000 after purchasing an additional 617,488 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in SL Green Realty by 62.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock valued at $133,862,000 after purchasing an additional 1,117,357 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

About SL Green Realty

(Get Free Report)

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.

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