SL Green Realty (NYSE:SLG) Given "Overweight" Rating at Piper Sandler

Key Points

• Piper Sandler reaffirmed its “overweight” rating on SL Green Realty but lowered its price target from $64 to $62, implying approximately 23.9% upside from the $50.03 share price.
• Analyst sentiment remains mixed: SL Green has a consensus “Hold” rating from 17 analysts, with an average price target of $55.03.
• SL Green reported quarterly EPS of $1.01, exceeding estimates for a $0.25 loss, while revenue reached $165.55 million, up 10.6% year over year but below analyst expectations.

SL Green Realty (NYSE:SLG - Get Free Report)'s stock had its "overweight" rating restated by Piper Sandler in a report issued on Monday, Benzinga reports. They presently have a $62.00 target price on the real estate investment trust's stock, down from their prior target price of $64.00. Piper Sandler's price objective points to a potential upside of 23.92% from the company's current price.

Other equities research analysts have also recently issued reports about the company. BMO Capital Markets reaffirmed an "outperform" rating and set a $60.00 price objective (up from $52.00) on shares of SL Green Realty in a research report on Monday, July 27th. UBS Group set a $60.00 target price on SL Green Realty in a research note on Monday, July 27th. Mizuho set a $53.00 target price on SL Green Realty in a research report on Tuesday, September 8th. Zacks Research lowered SL Green Realty from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 21st. Finally, Barclays boosted their price objective on SL Green Realty from $52.00 to $54.00 and gave the stock an "equal weight" rating in a research note on Tuesday, September 8th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $55.03.

SL Green Realty Price Performance

Shares of NYSE:SLG opened at $50.03 on Monday. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of -24.29, a PEG ratio of 4.06 and a beta of 1.66. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.92 and a quick ratio of 3.10. SL Green Realty has a one year low of $34.77 and a one year high of $60.09. The company's fifty day moving average price is $52.05 and its 200-day moving average price is $49.38.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $1.26. SL Green Realty had a negative return on equity of 3.18% and a negative net margin of 12.03%. The business had revenue of $165.55 million for the quarter, compared to analyst estimates of $176.97 million. During the same period last year, the company earned $1.58 EPS. SL Green Realty's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts anticipate that SL Green Realty will post 5.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction on 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 completion of the sale, the insider owned 109,468 shares in the company, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.94% of the company's stock.

Institutional Trading of SL Green Realty

Large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in SL Green Realty during the second quarter worth about $706,881,000. Deutsche Bank AG bought a new stake in SL Green Realty in the 2nd quarter valued at $58,202,000. Bank of New York Mellon Corp acquired a new stake in shares of SL Green Realty during the 2nd quarter worth about $42,277,000. Bank of America Corp DE grew its stake in shares of SL Green Realty by 226.6% during the first 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 purchasing an additional 516,242 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in SL Green Realty during the second quarter valued at approximately $27,344,000. Institutional investors and hedge funds own 89.96% of the company's stock.

SL Green Realty Company Profile

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.