JPMorgan Chase & Co. Forecasts Strong Price Appreciation for SL Green Realty (NYSE:SLG) Stock

Key Points

• JPMorgan Chase & Co. raised the target price for SL Green Realty from $69.00 to $71.00, suggesting a potential upside of 22.76% from its previous close.
• Five analysts currently rate SL Green Realty as a Buy, while ten have a Hold rating and one has a Sell rating, leading to a consensus rating of "Hold" with an average price target of $67.93.
• SL Green Realty reported $1.63 earnings per share for the quarter, exceeding analyst estimates of $1.37, and set FY 2025 guidance between $5.650-$5.950 EPS.

SL Green Realty (NYSE:SLG - Get Free Report) had its target price hoisted by equities researchers at JPMorgan Chase & Co. from $69.00 to $71.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 22.76% from the company's previous close.

Several other equities analysts also recently issued reports on the stock. Weiss Ratings reissued a "sell (d+)" rating on shares of SL Green Realty in a research note on Wednesday. Citigroup upgraded shares of SL Green Realty from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $65.00 to $70.00 in a research report on Friday, September 12th. Scotiabank raised shares of SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 price objective on the stock in a research note on Friday, July 25th. Evercore ISI boosted their target price on shares of SL Green Realty from $73.00 to $76.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th. Finally, Truist Financial upped their target price on shares of SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research note on Friday, July 18th. Five analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, SL Green Realty currently has a consensus rating of "Hold" and an average price target of $67.93.

SL Green Realty Price Performance

Shares of SLG opened at $57.84 on Thursday. SL Green Realty has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.72 and a current ratio of 2.72. The company has a market capitalization of $4.13 billion, a P/E ratio of -107.10 and a beta of 1.77. The business's 50-day moving average is $58.32 and its two-hundred day moving average is $58.18.

SL Green Realty (NYSE:SLG - Get Free Report) last released its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, topping analysts' consensus estimates of $1.37 by $0.26. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The business had revenue of $147.54 million for the quarter, compared to analyst estimates of $171.24 million. During the same period last year, the company posted $2.05 EPS. The business's revenue was up 8.6% on a year-over-year basis. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. Research analysts predict that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 937 shares of the business's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its stake in shares of SL Green Realty by 67.8% during the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust's stock worth $38,000 after acquiring an additional 253 shares during the last quarter. MAI Capital Management grew its stake in shares of SL Green Realty by 25.9% in the second quarter. MAI Capital Management now owns 988 shares of the real estate investment trust's stock valued at $61,000 after buying an additional 203 shares in the last quarter. Fourth Dimension Wealth LLC increased its position in shares of SL Green Realty by 54.5% during the first quarter. Fourth Dimension Wealth LLC now owns 1,700 shares of the real estate investment trust's stock worth $98,000 after purchasing an additional 600 shares in the last quarter. Allworth Financial LP grew its holdings in shares of SL Green Realty by 2,432.8% during the second quarter. Allworth Financial LP now owns 1,697 shares of the real estate investment trust's stock worth $105,000 after buying an additional 1,630 shares during the last quarter. Finally, State of Wyoming purchased a new stake in SL Green Realty in the 1st quarter valued at approximately $172,000. 89.96% of the stock is owned by institutional investors.

About SL Green Realty

3SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.

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