SL Green Realty (NYSE:SLG) Rating Reiterated by Piper Sandler

SL Green Realty (NYSE:SLG)‘s stock had its “overweight” rating reiterated by analysts at Piper Sandler in a report released on Monday, Benzinga reports. They presently have a $90.00 target price on the real estate investment trust’s stock, up from their previous target price of $75.00. Piper Sandler’s price target suggests a potential upside of 16.64% from the company’s previous close.

Other research analysts have also issued research reports about the stock. BMO Capital Markets restated an “outperform” rating and set a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a report on Monday. Morgan Stanley boosted their target price on shares of SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Scotiabank upped their price target on shares of SL Green Realty from $53.00 to $68.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. The Goldman Sachs Group lifted their price objective on SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Finally, Barclays upped their target price on SL Green Realty from $58.00 to $66.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus target price of $63.86.

SL Green Realty Price Performance

SL Green Realty stock traded down $1.61 during midday trading on Monday, reaching $77.16. The company’s stock had a trading volume of 372,939 shares, compared to its average volume of 986,911. The stock has a market cap of $5.08 billion, a PE ratio of -9.28, a price-to-earnings-growth ratio of 1.94 and a beta of 1.83. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty has a 52 week low of $28.55 and a 52 week high of $79.08. The business has a 50-day moving average price of $67.57 and a 200-day moving average price of $59.72.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The firm had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. During the same period in the previous year, the company earned $1.27 EPS. On average, sell-side analysts predict that SL Green Realty will post 7.61 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SLG. Allspring Global Investments Holdings LLC bought a new stake in shares of SL Green Realty during the 2nd quarter valued at $29,000. Friedenthal Financial purchased a new position in shares of SL Green Realty during the third quarter valued at approximately $49,000. Blue Trust Inc. boosted its position in shares of SL Green Realty by 363.2% in the 3rd quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 632 shares in the last quarter. Rothschild Investment LLC purchased a new stake in shares of SL Green Realty in the 2nd quarter worth approximately $55,000. Finally, Fidelis Capital Partners LLC bought a new position in SL Green Realty during the 1st quarter valued at approximately $55,000. Hedge funds and other institutional investors 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.