SL Green Realty (NYSE:SLG) Given New $54.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo lowered SL Green Realty’s price target to $54 from $56.50 while maintaining an “equal weight” rating, implying about 3.9% upside. Analysts overall have a consensus “Hold” rating and a $54.35 target price.
• Shares rose 3.2% to $51.97 in Monday trading. In its latest quarter, SL Green reported adjusted EPS of $1.01, exceeding estimates, while revenue of $165.55 million fell short of expectations.
• Institutional investors own nearly 90% of the company, with major new positions established by BlackRock, Deutsche Bank, Bank of New York Mellon and Legal & General; an insider also sold 23,113 shares in August.

SL Green Realty (NYSE:SLG - Get Free Report) had its price objective cut by Wells Fargo & Company from $56.50 to $54.00 in a report released on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the real estate investment trust's stock. Wells Fargo & Company's target price indicates a potential upside of 3.90% from the company's current price.

Several other research analysts have also recently issued reports on the company. Citigroup reiterated a "buy" rating and issued a $60.00 price objective (up from $45.00) on shares of SL Green Realty in a research report on Friday, July 24th. Truist Financial lowered their target price on shares of SL Green Realty from $57.00 to $48.00 and set a "hold" rating for the company in a research note on Tuesday, October 27th. BMO Capital Markets reissued an "outperform" rating and issued a $60.00 target price (up from $52.00) on shares of SL Green Realty in a research report on Monday, July 27th. Zacks Research lowered shares of SL Green Realty from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 21st. Finally, Mizuho set a $53.00 price objective on shares of SL Green Realty in a research note on Tuesday, September 8th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, SL Green Realty currently has an average rating of "Hold" and a consensus target price of $54.35.

SL Green Realty Trading Up 3.2%

NYSE SLG traded up $1.61 during trading hours on Monday, reaching $51.97. The company had a trading volume of 17,412 shares, compared to its average volume of 1,153,721. The stock has a 50-day moving average of $51.36 and a 200 day moving average of $46.86. The company has a current ratio of 2.92, a quick ratio of 3.10 and a debt-to-equity ratio of 1.11. SL Green Realty has a 1-year low of $34.77 and a 1-year high of $60.09. The stock has a market capitalization of $3.70 billion, a P/E ratio of -25.15, a price-to-earnings-growth ratio of 3.70 and a beta of 1.71.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $1.01 EPS for the quarter, beating the consensus estimate of ($0.25) by $1.26. SL Green Realty had a negative net margin of 12.03% and a negative return on equity of 3.18%. The business had revenue of $165.55 million during the quarter, compared to analyst estimates of $176.97 million. During the same quarter last year, the firm posted $1.58 earnings per share. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts anticipate that SL Green Realty will post 6.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 sale, the insider owned 109,468 shares in the company, valued at $6,317,398.28. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 5.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in SL Green Realty during the second quarter worth $706,881,000. Deutsche Bank AG acquired a new stake in shares of SL Green Realty during the second quarter worth $58,202,000. Bank of New York Mellon Corp bought a new position in shares of SL Green Realty in the 2nd quarter worth about $42,277,000. Legal & General Group Plc bought a new position in shares of SL Green Realty in the 2nd quarter worth about $27,344,000. Finally, Bank of America Corp DE boosted its holdings in shares of SL Green Realty by 226.6% in the 1st quarter. Bank of America Corp DE now owns 744,053 shares of the real estate investment trust's stock valued at $27,485,000 after buying an additional 516,242 shares during the period. Institutional investors own 89.96% of the company's stock.

About SL Green Realty

SL Green Realty Corp. NYSE: SLG is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City's prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.