Bank of America Lowers SL Green Realty (NYSE:SLG) Price Target to $73.00

SL Green Realty (NYSE:SLG) had its target price decreased by stock analysts at Bank of America from $80.00 to $73.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Bank of America‘s price objective indicates a potential upside of 13.79% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the stock. Jefferies Financial Group decreased their price objective on shares of SL Green Realty from $75.00 to $69.00 and set a “hold” rating for the company in a research report on Thursday, January 2nd. Compass Point raised their target price on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Morgan Stanley raised 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 research note on Wednesday, October 9th. BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 price target (up from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Finally, Mizuho increased their price objective on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $69.38.

SL Green Realty Stock Down 4.8 %

Shares of SLG opened at $64.15 on Monday. The company’s fifty day moving average is $70.55 and its two-hundred day moving average is $69.38. SL Green Realty has a fifty-two week low of $41.88 and a fifty-two week high of $82.81. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. The firm has a market cap of $4.23 billion, a PE ratio of 801.91, a price-to-earnings-growth ratio of 5.53 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.11%. Analysts forecast that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Activity at SL Green Realty

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

Large investors have recently made changes to their positions in the business. Empowered Funds LLC bought a new position in shares of SL Green Realty during the 4th quarter worth about $452,000. Advisors Preferred LLC boosted its position in SL Green Realty by 58.2% in the fourth quarter. Advisors Preferred LLC now owns 54,459 shares of the real estate investment trust’s stock valued at $3,724,000 after buying an additional 20,037 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in SL Green Realty by 28.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,928 shares of the real estate investment trust’s stock worth $1,014,000 after acquiring an additional 3,285 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of SL Green Realty by 8.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 76,367 shares of the real estate investment trust’s stock valued at $5,187,000 after buying an additional 6,158 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of SL Green Realty by 8.7% in the fourth quarter. State of Alaska Department of Revenue now owns 73,919 shares of the real estate investment trust’s stock worth $5,019,000 after acquiring an additional 5,928 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.