Scotiabank Cuts SL Green Realty (NYSE:SLG) Price Target to $59.00

Key Points

• Scotiabank lowered SL Green Realty’s price target to $59 from $60 while maintaining a “sector outperform” rating, implying 13.92% upside from the prior close.
• Analyst sentiment is mixed: seven analysts rate the stock Buy, 10 rate it Hold and two rate it Sell, resulting in a consensus “Hold” rating and an average price target of $57.23.
• SL Green reported quarterly revenue of $264 million, up 16.5% year over year, and an adjusted loss of $0.38 per share that beat the $0.59 consensus loss estimate. Shares recently traded at $51.79.

SL Green Realty (NYSE:SLG - Get Free Report) had its price target reduced by stock analysts at Scotiabank from $60.00 to $59.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a "sector outperform" rating on the real estate investment trust's stock. Scotiabank's price target would suggest a potential upside of 13.92% from the company's previous close.

Several other research analysts have also issued reports on SLG. Wells Fargo & Company set a $56.50 target price on shares of SL Green Realty and gave the stock an "equal weight" rating in a research report on Tuesday, September 1st. Morgan Stanley set a $52.00 price target on shares of SL Green Realty and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Evercore cut shares of SL Green Realty from an "outperform" rating to an "in-line" rating and set a $56.00 price objective for the company. in a research note on Monday, July 6th. Barclays lifted their target price on shares of SL Green Realty from $52.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 8th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of SL Green Realty in a research report on Tuesday, August 25th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $57.23.

SL Green Realty Price Performance

Shares of SLG traded up $0.04 during midday trading on Thursday, hitting $51.79. 192,044 shares of the company traded hands, compared to its average volume of 1,181,168. The stock has a 50-day moving average of $54.21 and a 200-day moving average of $47.22. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.10 and a quick ratio of 3.10. SL Green Realty has a one year low of $34.77 and a one year high of $63.58. The firm has a market cap of $3.68 billion, a P/E ratio of -18.99, a PEG ratio of 2.22 and a beta of 1.60.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The firm had revenue of $264.00 million for the quarter, compared to analysts' expectations of $179.01 million. During the same quarter in the prior year, the firm posted $1.63 earnings per share. The business's quarterly revenue was up 16.5% on a year-over-year basis. As a group, sell-side analysts predict that SL Green Realty will post 5.56 EPS for the current fiscal year.

Insider Activity

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the transaction, the insider owned 109,468 shares in the company, valued at approximately $6,317,398.28. This represents a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.94% of the stock is owned by corporate insiders.

Institutional Trading of SL Green Realty

Hedge funds have recently modified their holdings of the business. Sequoia Financial Advisors LLC increased its stake in shares of SL Green Realty by 11.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,694 shares of the real estate investment trust's stock worth $761,000 after acquiring an additional 1,492 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of SL Green Realty during the second quarter valued at approximately $33,000. NewEdge Advisors LLC lifted its holdings in shares of SL Green Realty by 1,110.4% during the second quarter. NewEdge Advisors LLC now owns 4,648 shares of the real estate investment trust's stock valued at $241,000 after purchasing an additional 4,264 shares during the last quarter. Squarepoint Ops LLC boosted its position in shares of SL Green Realty by 66.5% in the 2nd quarter. Squarepoint Ops LLC now owns 182,962 shares of the real estate investment trust's stock worth $9,472,000 after purchasing an additional 73,042 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of SL Green Realty by 24.3% in the second quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust's stock worth $132,000 after acquiring an additional 499 shares during the last quarter. Institutional investors own 89.96% of the company's stock.

About SL Green Realty

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and operating commercial properties in Manhattan. The company's portfolio is centered on office buildings, with additional interests in retail, residential and other mixed-use real estate.

SL Green leases space to businesses across a range of industries and provides property management, leasing, development and redevelopment services. Its Manhattan holdings include prominent office properties such as One Vanderbilt, along with retail and hospitality-related assets.

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