Scotiabank Forecasts Strong Price Appreciation for SL Green Realty (NYSE:SLG) Stock

SL Green Realty (NYSE:SLG) had its price target raised by investment analysts at Scotiabank from $80.00 to $81.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective would indicate a potential upside of 10.08% from the company’s previous close.

Several other brokerages also recently commented on SLG. Evercore ISI boosted their price objective on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. BMO Capital Markets restated an “outperform” rating and issued a $87.00 price target (up from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Piper Sandler reaffirmed an “overweight” rating and set a $90.00 price objective (up from $75.00) on shares of SL Green Realty in a report on Monday, October 21st. Wells Fargo & Company boosted their target price on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. Finally, Jefferies Financial Group increased their price target on SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a research note on Friday, November 22nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $68.67.

SL Green Realty Trading Down 0.8 %

SL Green Realty stock opened at $73.58 on Tuesday. SL Green Realty has a 12-month low of $40.30 and a 12-month high of $82.81. The firm has a market capitalization of $4.85 billion, a price-to-earnings ratio of -29.43, a P/E/G ratio of 3.68 and a beta of 1.81. The firm has a 50 day moving average of $75.36 and a 200 day moving average of $66.42. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06.

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 the consensus estimate 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 firm had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. During the same quarter in the previous year, the business earned $1.27 earnings per share. As a group, research analysts predict that SL Green Realty will post 7.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Venturi Wealth Management LLC boosted its position in SL Green Realty by 272.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 272 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of SL Green Realty in the second quarter valued at approximately $29,000. Point72 DIFC Ltd bought a new position in SL Green Realty in the third quarter worth approximately $35,000. Friedenthal Financial bought a new stake in SL Green Realty during the 3rd quarter valued at $49,000. Finally, Rothschild Investment LLC purchased a new stake in shares of SL Green Realty in the 2nd quarter worth $55,000. 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.