SL Green Realty (NYSE:SLG) PT Raised to $80.00

SL Green Realty (NYSE:SLG) had its price target upped by equities researchers at Scotiabank from $68.00 to $80.00 in a report released on Friday, Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price points to a potential upside of 4.43% from the stock’s previous close.

A number of other research firms have also recently issued reports on SLG. StockNews.com upgraded SL Green Realty to a “sell” rating in a research report on Friday, July 19th. The Goldman Sachs Group boosted their price target on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. raised their price objective on shares of SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. Bank of America upped their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Finally, Morgan Stanley lifted their price objective on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and an average price target of $65.57.

SL Green Realty Price Performance

NYSE:SLG opened at $76.61 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.58 and a quick ratio of 2.59. SL Green Realty has a one year low of $28.55 and a one year high of $79.08. The company has a fifty day moving average price of $68.97 and a 200 day moving average price of $60.46. The stock has a market cap of $4.99 billion, a P/E ratio of -30.64, a PEG ratio of 2.12 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The company had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. During the same period in the prior year, the company posted $1.27 EPS. Analysts anticipate that SL Green Realty will post 7.62 earnings per share for the current year.

Hedge Funds Weigh In On SL Green Realty

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of SL Green Realty by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock valued at $572,524,000 after acquiring an additional 60,032 shares during the period. Dimensional Fund Advisors LP raised its holdings in SL Green Realty by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock worth $56,350,000 after purchasing an additional 88,309 shares during the period. Bank of New York Mellon Corp raised its holdings in SL Green Realty by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 810,490 shares of the real estate investment trust’s stock worth $45,906,000 after purchasing an additional 14,167 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of SL Green Realty by 24.7% in the 1st 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. Finally, Federated Hermes Inc. increased its position in shares of SL Green Realty by 8.2% in the 2nd quarter. Federated Hermes Inc. now owns 433,896 shares of the real estate investment trust’s stock valued at $24,576,000 after buying an additional 32,985 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.