SL Green Realty (NYSE:SLG) Stock Price Target Lowered at Truist Financial

Key Points

• Truist Financial lowered SL Green Realty’s price target from $57 to $48 and maintained a “hold” rating, implying 4.75% downside from the stock’s $50.40 price.
• Analyst sentiment remains mixed but leans neutral: six analysts rate SL Green a Buy, nine a Hold and two a Sell, producing a consensus “Hold” rating and $54.50 target price.
• SL Green reported quarterly EPS of $1.01, exceeding estimates for a $0.25 loss, while revenue of $165.55 million fell short of expectations despite rising 10.6% year over year.

SL Green Realty (NYSE:SLG - Get Free Report) had its price objective cut by equities research analysts at Truist Financial from $57.00 to $48.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a "hold" rating on the real estate investment trust's stock. Truist Financial's target price suggests a potential downside of 4.75% from the stock's current price.

SLG has been the subject of a number of other research reports. LADENBURG THALM/SH SH boosted their target price on shares of SL Green Realty from $42.00 to $46.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of SL Green Realty in a research report on Tuesday, August 25th. UBS Group set a $60.00 price objective on shares of SL Green Realty in a research note on Monday, July 27th. Wall Street Zen raised shares of SL Green Realty from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Scotiabank decreased their target price on shares of SL Green Realty from $60.00 to $59.00 and set a "sector outperform" rating on the stock in a report on Thursday, September 17th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $54.50.

SL Green Realty Stock Performance

SLG traded down $0.01 during trading hours on Tuesday, reaching $50.40. The company's stock had a trading volume of 247,073 shares, compared to its average volume of 1,156,558. The company's 50-day moving average is $52.06 and its 200-day moving average is $46.82. SL Green Realty has a 52 week low of $34.77 and a 52 week high of $60.09. The firm has a market cap of $3.59 billion, a PE ratio of -24.49, a price-to-earnings-growth ratio of 4.06 and a beta of 1.66. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.10 and a current ratio of 2.92.

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

Insider Activity at SL Green Realty

In other news, insider Harrison Sitomer sold 23,113 shares of the company's stock in a transaction dated 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 directly 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 at this link. Insiders own 5.94% of the company's stock.

Institutional Trading of SL Green Realty

Several hedge funds have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of SL Green Realty by 15,825.6% in the 2nd 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 during the last quarter. Squarepoint Ops LLC lifted 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 during the period. Jupiter Topco LLC purchased a new stake in shares of SL Green Realty in the 2nd quarter worth about $1,556,000. Hsbc Holdings PLC increased its position in shares of SL Green Realty by 15.0% during the second quarter. Hsbc Holdings PLC now owns 189,097 shares of the real estate investment trust's stock valued at $9,808,000 after buying an additional 24,699 shares during the period. Finally, Corient Private Wealth LP purchased a new position in shares of SL Green Realty during the second quarter valued at about $1,242,000. 89.96% of the stock is owned by institutional investors.

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.

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