SL Green Realty (NYSE:SLG) Stock Price Expected to Rise, Truist Financial Analyst Says

SL Green Realty (NYSE:SLG) had its price target raised by equities research analysts at Truist Financial from $61.00 to $62.00 in a report issued on Monday,Benzinga reports. The firm presently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s target price would suggest a potential downside of 3.36% from the company’s previous close.

Several other research firms have also weighed in on SLG. Jefferies Financial Group lowered their price objective on shares of SL Green Realty from $75.00 to $69.00 and set a “hold” rating on the stock in a research note on Thursday, January 2nd. Evercore ISI boosted their price target on SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. Piper Sandler reaffirmed an “overweight” rating and issued a $90.00 price objective (up from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Morgan Stanley boosted their target price on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Finally, Barclays raised their price target on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $69.38.

SL Green Realty Stock Performance

SLG opened at $64.15 on Monday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The business’s 50-day simple moving average is $70.55 and its 200 day simple moving average is $69.38. The firm has a market capitalization of $4.23 billion, a PE ratio of 801.91, a PEG ratio of 5.53 and a beta of 1.82. SL Green Realty has a 52-week low of $41.88 and a 52-week high of $82.81.

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

Insider Buying and Selling

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.08% of the stock is currently owned by company insiders.

Institutional Trading of SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of SLG. Venturi Wealth Management LLC lifted its holdings in shares of 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 acquiring an additional 272 shares during the last quarter. Point72 DIFC Ltd bought a new position in SL Green Realty in the 3rd quarter valued at approximately $35,000. Friedenthal Financial acquired a new stake in SL Green Realty in the third quarter valued at approximately $49,000. Blue Trust Inc. grew its stake in shares of SL Green Realty by 363.2% during the third quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 632 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of SL Green Realty by 17.7% during the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 157 shares in the last quarter. 89.96% of the stock is currently owned by 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.