SL Green Realty (NYSE:SLG) Price Target Cut to $60.00 by Analysts at BMO Capital Markets

SL Green Realty (NYSE:SLG) had its target price dropped by stock analysts at BMO Capital Markets from $63.00 to $60.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. BMO Capital Markets’ price objective suggests a potential upside of 40.94% from the stock’s previous close.

A number of other analysts have also recently commented on the company. JPMorgan Chase & Co. boosted their price objective on SL Green Realty from $69.00 to $71.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Jefferies Financial Group upgraded shares of SL Green Realty from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $57.00 to $63.00 in a research report on Monday, October 13th. Bank of America dropped their target price on shares of SL Green Realty from $64.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday, October 17th. Piper Sandler restated an “overweight” rating on shares of SL Green Realty in a research report on Wednesday. Finally, Wells Fargo & Company decreased their price target on shares of SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. Six investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $63.44.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $42.57 on Monday. SL Green Realty has a 52 week low of $40.26 and a 52 week high of $79.22. The business’s 50 day moving average price is $51.31 and its 200 day moving average price is $56.84. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.03. The firm has a market cap of $3.04 billion, a P/E ratio of 4,261.46 and a beta of 1.61.

SL Green Realty (NYSE:SLG) last issued its earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.24. The firm had revenue of $244.82 million during the quarter, compared to analysts’ expectations of $170.27 million. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.26 earnings per share. On average, sell-side analysts expect that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Buying and Selling at SL Green Realty

In related news, Director Carol N. Brown sold 937 shares of SL Green Realty stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $63.09, for a total value of $59,115.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors have recently modified their holdings of SLG. Intech Investment Management LLC raised its position in SL Green Realty by 36.9% in the 1st quarter. Intech Investment Management LLC now owns 48,390 shares of the real estate investment trust’s stock valued at $2,792,000 after purchasing an additional 13,048 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in SL Green Realty by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust’s stock valued at $97,851,000 after acquiring an additional 130,206 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in SL Green Realty by 10.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 524,251 shares of the real estate investment trust’s stock worth $30,249,000 after acquiring an additional 50,450 shares during the last quarter. Greenland Capital Management LP acquired a new position in SL Green Realty during the 2nd quarter worth approximately $4,176,000. Finally, Prudential Financial Inc. increased its position in shares of SL Green Realty by 104.1% in the 2nd quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust’s stock valued at $100,439,000 after purchasing an additional 827,407 shares during the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

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.