Scotiabank Lowers SL Green Realty (NYSE:SLG) Price Target to $61.00

by · The Markets Daily

SL Green Realty (NYSE:SLG – Get Free Report) had its price objective cut by equities research analysts at Scotiabank from $66.00 to $61.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price objective points to a potential upside of 27.19% from the stock’s current price.

A number of other equities research analysts also recently commented on the stock. New Street Research set a $72.00 target price on shares of SL Green Realty in a research report on Thursday, October 9th. Piper Sandler decreased their price target on shares of SL Green Realty from $62.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, January 5th. Deutsche Bank Aktiengesellschaft set a $45.00 price objective on shares of SL Green Realty in a research note on Tuesday, January 6th. LADENBURG THALM/SH SH cut their price target on shares of SL Green Realty from $60.00 to $50.00 and set a “neutral” rating on the stock in a report on Thursday, December 18th. Finally, Barclays set a $54.00 price objective on shares of SL Green Realty in a research note on Tuesday. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $55.94.

View Our Latest Stock Report on SLG

SL Green Realty Stock Down 1.6%

SL Green Realty stock traded down $0.80 during midday trading on Wednesday, hitting $47.96. 534,786 shares of the stock were exchanged, compared to its average volume of 1,083,977. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 4,800.80 and a beta of 1.60. The business’s 50-day moving average price is $46.40 and its 200-day moving average price is $53.91. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.03. SL Green Realty has a 52-week low of $40.26 and a 52-week high of $68.14.

SL Green Realty (NYSE:SLG – Get Free Report) last released its quarterly earnings data on Thursday, October 16th. The real estate investment trust reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. The company had revenue of $244.82 million during the quarter, compared to analyst estimates of $170.27 million. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. SL Green Realty’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the business earned $1.26 earnings per share. On average, research analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Andrew S. Levine sold 1,493 shares of the business’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $45.27, for a total value of $67,588.11. Following the completion of the transaction, the insider directly owned 7,045 shares of the company’s stock, valued at $318,927.15. The trade was a 17.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Marc Holliday sold 22,223 shares of the stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total value of $986,701.20. Following the transaction, the chief executive officer directly owned 9,698 shares in the company, valued at approximately $430,591.20. This represents a 69.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 5.04% of the company’s stock.

Institutional Trading of SL Green Realty

Large investors have recently added to or reduced their stakes in the business. Quent Capital LLC acquired a new stake in SL Green Realty in the 3rd quarter worth approximately $27,000. Salomon & Ludwin LLC acquired a new stake in shares of SL Green Realty in the third quarter worth $29,000. Whittier Trust Co. bought a new stake in shares of SL Green Realty during the 3rd quarter worth $29,000. Bessemer Group Inc. boosted its holdings in shares of SL Green Realty by 67.8% during the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 253 shares during the period. Finally, Triumph Capital Management acquired a new position in SL Green Realty in the 3rd quarter valued at $45,000. 89.96% of the stock is currently owned by institutional investors.

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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