Barclays Issues Positive Forecast for SL Green Realty (NYSE:SLG) Stock Price

Key Points

• Barclays raised its price target for SL Green Realty from $52 to $54 while maintaining an “equal weight” rating; the new target implies approximately 0.59% downside from the stock’s $54.32 price.
• Analyst sentiment remains mixed, with seven Buy, ten Hold, and two Sell ratings, producing a consensus “Hold” rating and an average price target of $56.92.
• SL Green reported quarterly revenue of $264 million and an adjusted loss of $0.38 per share, beating consensus estimates, though it continued to post negative net margin and return on equity.

SL Green Realty (NYSE:SLG - Get Free Report) had its price objective upped by analysts at Barclays from $52.00 to $54.00 in a report released on Tuesday, Benzinga reports. The firm currently has an "equal weight" rating on the real estate investment trust's stock. Barclays's target price suggests a potential downside of 0.59% from the stock's current price.

SLG has been the topic of a number of other research reports. LADENBURG THALM/SH SH lifted their price objective on SL Green Realty from $42.00 to $46.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Evercore cut SL Green Realty from an "outperform" rating to an "in-line" rating and set a $56.00 price target for the company. in a report on Monday, July 6th. Wells Fargo & Company set a $56.50 price target on SL Green Realty and gave the company an "equal weight" rating in a research note on Tuesday, September 1st. Citigroup reaffirmed a "buy" rating and set a $60.00 price objective (up from $45.00) on shares of SL Green Realty in a report on Friday, July 24th. Finally, Wall Street Zen upgraded SL Green Realty from a "strong sell" rating to a "sell" rating in a research report on Saturday. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $56.92.

SL Green Realty Stock Performance

SL Green Realty stock traded down $1.24 during trading hours on Tuesday, reaching $54.32. 28,581 shares of the stock were exchanged, compared to its average volume of 1,198,162. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $66.29. The stock has a market cap of $3.86 billion, a P/E ratio of -19.87, a P/E/G ratio of 2.40 and a beta of 1.60. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. The firm's 50 day moving average is $54.12 and its 200 day moving average is $46.53.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.21. The business had revenue of $264.00 million for the quarter, compared to the consensus estimate of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The business's quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.63 earnings per share. Analysts predict that SL Green Realty will post 5.53 EPS for the current fiscal year.

Insider Activity at SL Green Realty

In related news, insider Harrison Sitomer sold 23,113 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $57.71, for a total value of $1,333,851.23. Following the sale, the insider directly owned 109,468 shares of the company's stock, valued at approximately $6,317,398.28. This represents a 17.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.94% of the stock is owned by corporate insiders.

Institutional Trading of SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in SL Green Realty by 15,825.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 480,634 shares of the real estate investment trust's stock worth $24,882,000 after buying an additional 477,616 shares in the last quarter. Jupiter Topco LLC purchased a new stake in shares of SL Green Realty in the second quarter valued at $1,556,000. Clear Harbor Asset Management LLC acquired a new stake in shares of SL Green Realty during the second quarter valued at $2,043,000. Royal Bank of Canada increased its position in SL Green Realty by 903.3% during the 1st quarter. Royal Bank of Canada now owns 142,614 shares of the real estate investment trust's stock worth $5,268,000 after purchasing an additional 128,400 shares in the last quarter. Finally, Advisors Capital Management LLC acquired a new position in shares of SL Green Realty in the second quarter valued at approximately $962,000. Hedge funds and other institutional investors own 89.96% of the company's stock.

About SL Green Realty

SL Green Realty Corp. NYSE: SLG is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City's largest office landlords, the company's portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.

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