Scotiabank Has Lowered Expectations for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG - Get Free Report) had its target price dropped by equities researchers at Scotiabank from $75.00 to $71.00 in a report released on Monday, July 14th, MarketBeat reports. The brokerage currently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's target price suggests a potential upside of 23.31% from the stock's previous close.

SLG has been the topic of a number of other research reports. Barclays dropped their price target on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. Jefferies Financial Group started coverage on SL Green Realty in a research note on Monday, March 17th. They set a "hold" rating and a $58.00 target price on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Piper Sandler lowered their target price on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, JPMorgan Chase & Co. lowered their target price on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, SL Green Realty currently has a consensus rating of "Hold" and a consensus target price of $65.60.

SL Green Realty Trading Down 2.8%

Shares of SLG opened at $57.58 on Monday. The business's 50-day moving average price is $61.33 and its 200 day moving average price is $59.91. The stock has a market capitalization of $4.11 billion, a P/E ratio of -106.63 and a beta of 1.65. SL Green Realty has a 1-year low of $45.15 and a 1-year high of $82.81. The company has a current ratio of 2.72, a quick ratio of 2.85 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its quarterly 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. The firm had revenue of $147.54 million for the quarter, compared to analysts' expectations of $171.24 million. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. SL Green Realty's revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $2.05 EPS. Analysts expect that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Activity

In other news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $60.61, for a total transaction of $151,525.00. Following the completion of the sale, the director directly owned 937 shares in the company, valued at $56,791.57. The trade was a 72.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SL Green Realty

Several institutional investors have recently made changes to their positions in SLG. Jones Financial Companies Lllp acquired a new stake in SL Green Realty in the 4th quarter worth approximately $39,000. Quadrant Capital Group LLC lifted its holdings in SL Green Realty by 37.4% in the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust's stock worth $52,000 after purchasing an additional 208 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in SL Green Realty in the 4th quarter worth approximately $75,000. GF Fund Management CO. LTD. acquired a new stake in SL Green Realty in the 4th quarter worth approximately $80,000. Finally, Summit Securities Group LLC acquired a new stake in SL Green Realty in the 4th quarter worth approximately $88,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

SL Green Realty Company Profile

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.