SL Green Realty (NYSE:SLG) PT Raised to $44.00

SL Green Realty (NYSE:SLG) had its target price raised by equities researchers at JPMorgan Chase & Co. from $43.00 to $44.00 in a report released on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 12.58% from the company’s current price.

Several other analysts have also recently issued reports on the company. Evercore ISI increased their target price on SL Green Realty from $46.00 to $47.00 and gave the stock an “underperform” rating in a research report on Monday. Barclays upgraded SL Green Realty from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $35.00 to $48.00 in a research report on Wednesday, March 27th. TheStreet upgraded SL Green Realty from a “d+” rating to a “c-” rating in a research report on Wednesday, January 10th. Deutsche Bank Aktiengesellschaft began coverage on SL Green Realty in a research report on Tuesday, January 30th. They set a “hold” rating and a $50.00 target price for the company. Finally, BMO Capital Markets upgraded SL Green Realty from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $56.00 to $58.00 in a research report on Thursday, April 18th. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and an average target price of $47.00.

SL Green Realty Stock Performance

SLG traded down $1.83 during midday trading on Thursday, reaching $50.33. The company had a trading volume of 569,927 shares, compared to its average volume of 1,300,022. The company has a quick ratio of 2.23, a current ratio of 2.96 and a debt-to-equity ratio of 1.01. The business has a 50-day moving average of $50.40 and a two-hundred day moving average of $43.60. The company has a market cap of $3.31 billion, a P/E ratio of -6.07, a P/E/G ratio of 1.42 and a beta of 1.71. SL Green Realty has a 1 year low of $20.51 and a 1 year high of $55.75.

Insider Activity

In other news, Director Betsy S. Atkins sold 9,894 shares of the firm’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the sale, the director now directly owns 6,886 shares of the company’s stock, valued at approximately $325,363.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Carol N. Brown sold 5,118 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Betsy S. Atkins sold 9,894 shares of the stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the sale, the director now owns 6,886 shares in the company, valued at $325,363.50. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently modified their holdings of the business. Private Trust Co. NA purchased a new position in SL Green Realty during the 4th quarter worth $33,000. Financial Gravity Asset Management Inc. increased its holdings in SL Green Realty by 3,073.3% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 922 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new position in SL Green Realty during the 3rd quarter worth $88,000. Allspring Global Investments Holdings LLC increased its holdings in SL Green Realty by 122.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,732 shares of the real estate investment trust’s stock worth $102,000 after purchasing an additional 1,502 shares during the period. Finally, Rosenberg Matthew Hamilton increased its holdings in SL Green Realty by 9.6% during the 4th quarter. Rosenberg Matthew Hamilton now owns 2,588 shares of the real estate investment trust’s stock worth $117,000 after purchasing an additional 227 shares during the period. 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.