SL Green Realty (NYSE:SLG) Price Target Lowered to $61.00 at Bank of America

Key Points

• Bank of America has lowered its price target for SL Green Realty (NYSE:SLG) from $64.00 to $61.00, maintaining a "neutral" rating with a potential upside of 13.26% from the current price.
• The average analyst rating for SL Green Realty is currently "Hold," with a consensus target price of $67.19, indicating mixed outlooks among analysts.
• SL Green Realty reported $1.58 EPS for the quarter, surpassing expectations, and experienced a revenue increase of 7.2% compared to the same period last year, though it fell short of analyst estimates.

SL Green Realty (NYSE:SLG - Get Free Report) had its target price cut by research analysts at Bank of America from $64.00 to $61.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the real estate investment trust's stock. Bank of America's price target indicates a potential upside of 13.26% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. New Street Research set a $72.00 target price on shares of SL Green Realty in a research note on Thursday, October 9th. Citigroup upgraded shares of SL Green Realty from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $65.00 to $70.00 in a 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. LADENBURG THALM/SH SH assumed coverage on shares of SL Green Realty in a research note on Monday. They set a "neutral" rating and a $63.00 price objective on the stock. Finally, Truist Financial increased their price objective on shares of SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a report on Friday, July 18th. Six investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, SL Green Realty has an average rating of "Hold" and a consensus target price of $67.19.

SL Green Realty Stock Performance

Shares of SLG stock opened at $53.86 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.72 and a current ratio of 2.72. SL Green Realty has a one year low of $45.15 and a one year high of $82.81. The company's 50-day simple moving average is $58.33 and its 200-day simple moving average is $58.07. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of 5,391.39 and a beta of 1.77.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 15th. The real estate investment trust reported $1.58 EPS for the quarter, beating the consensus estimate of $1.34 by $0.24. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The company had revenue of $149.67 million for the quarter, compared to analyst estimates of $170.27 million. During the same quarter last year, the business earned $1.26 earnings per share. SL Green Realty's revenue was up 7.2% compared to the same quarter last year. Equities analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 937 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total value of $59,115.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of SL Green Realty by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock valued at $641,238,000 after buying an additional 283,009 shares in the last quarter. State Street Corp lifted its holdings in shares of SL Green Realty by 1.0% in the 2nd quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust's stock worth $264,636,000 after buying an additional 41,873 shares during the period. Geode Capital Management LLC lifted its stake in shares of SL Green Realty by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,833,682 shares of the real estate investment trust's stock worth $113,518,000 after purchasing an additional 6,690 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of SL Green Realty by 8.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust's stock worth $97,851,000 after purchasing an additional 130,206 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in SL Green Realty by 104.1% in the second quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust's stock valued at $100,439,000 after buying an additional 827,407 shares during the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.

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