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

SL Green Realty (NYSE:SLG) had its target price hoisted by equities research analysts at Compass Point from $65.00 to $75.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Compass Point’s price target suggests a potential upside of 1.96% from the company’s current price.

Several other research firms have also issued reports on SLG. Piper Sandler reissued an “overweight” rating and issued a $90.00 price target (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Evercore ISI boosted their price target on shares of 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. Morgan Stanley boosted their price target on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Jefferies Financial Group upped their target price on shares of SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, November 22nd. Finally, Scotiabank upped their target price on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $68.67.

SL Green Realty Stock Performance

SLG stock traded down $0.59 during mid-day trading on Wednesday, hitting $73.56. The company had a trading volume of 317,641 shares, compared to its average volume of 980,597. The firm has a market cap of $4.85 billion, a PE ratio of -29.43, a price-to-earnings-growth ratio of 3.68 and a beta of 1.81. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. SL Green Realty has a 12 month low of $40.30 and a 12 month high of $82.81. The stock’s fifty day moving average price is $75.18 and its two-hundred day moving average price is $66.21.

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 return on equity of 3.76% and a negative net margin of 16.78%. The company had revenue of $229.69 million during the quarter, compared to the consensus estimate of $136.66 million. During the same period in the prior year, the firm posted $1.27 EPS. On average, analysts forecast that SL Green Realty will post 7.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SL Green Realty

A number of large investors have recently modified their holdings of SLG. Rosenberg Matthew Hamilton grew its position in SL Green Realty by 6.6% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 2,313 shares of the real estate investment trust’s stock worth $161,000 after acquiring an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of SL Green Realty by 4.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 3,769 shares of the real estate investment trust’s stock worth $262,000 after acquiring an additional 148 shares in the last quarter. MML Investors Services LLC lifted its stake in shares of SL Green Realty by 2.7% in the 3rd quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock valued at $427,000 after purchasing an additional 161 shares during the period. Xponance Inc. raised its holdings in SL Green Realty by 6.6% in the second quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock worth $240,000 after purchasing an additional 262 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in SL Green Realty by 272.0% in the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 272 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other 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.