SL Green Realty (NYSE:SLG) Price Target Raised to $56.00

Key Points

• Scotiabank raised its price target on SL Green Realty from $53 to $56 and kept a sector outperform rating, implying about 10% upside from the current price.
• Other analysts remain mixed on the stock: the consensus rating is Hold with an average price target of $52.50, while recent targets ranged from $36 to $65.
• SL Green Realty shares were flat at $50.80 on Tuesday, and institutional ownership remains high at 89.96%.

SL Green Realty (NYSE:SLG - Get Free Report) had its price target increased by stock analysts at Scotiabank from $53.00 to $56.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "sector outperform" rating on the real estate investment trust's stock. Scotiabank's target price indicates a potential upside of 10.24% from the company's current price.

SLG has been the topic of several other research reports. JPMorgan Chase & Co. lifted their target price on SL Green Realty from $49.00 to $51.00 and gave the company a "neutral" rating in a research note on Tuesday, May 5th. Piper Sandler restated an "overweight" rating and set a $65.00 price target (up from $50.00) on shares of SL Green Realty in a report on Tuesday. Morgan Stanley dropped their price objective on shares of SL Green Realty from $43.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 31st. Truist Financial lifted their target price on shares of SL Green Realty from $44.00 to $46.00 and gave the company a "hold" rating in a research note on Wednesday, April 22nd. Finally, Wells Fargo & Company lifted their price objective on SL Green Realty from $40.00 to $44.00 and gave the company an "equal weight" rating in a research report on Monday, June 1st. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $52.50.

SL Green Realty Price Performance

NYSE SLG remained flat at $50.80 on Tuesday. 380,928 shares of the company's stock traded hands, compared to its average volume of 1,266,441. The business's 50-day moving average price is $48.17 and its 200-day moving average price is $43.96. The company has a debt-to-equity ratio of 1.18, a current ratio of 3.03 and a quick ratio of 3.03. SL Green Realty has a 12-month low of $34.77 and a 12-month high of $66.29. The company has a market cap of $3.63 billion, a P/E ratio of -20.26 and a beta of 1.58.

Institutional Investors Weigh In On SL Green Realty

A number of large investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its position in shares of SL Green Realty by 74.8% in the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust's stock valued at $1,519,000 after purchasing an additional 11,506 shares during the last quarter. United Services Automobile Association acquired a new stake in SL Green Realty in the 1st quarter valued at approximately $253,000. Empowered Funds LLC increased its position in SL Green Realty by 10.9% in the 1st quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust's stock worth $425,000 after buying an additional 722 shares during the period. Creative Planning acquired a new position in shares of SL Green Realty during the second quarter worth approximately $421,000. Finally, California Public Employees Retirement System boosted its position in shares of SL Green Realty by 4.6% in the second quarter. California Public Employees Retirement System now owns 131,528 shares of the real estate investment trust's stock valued at $8,142,000 after acquiring an additional 5,789 shares during the period. Institutional investors own 89.96% of the company's stock.

About SL Green Realty

SL Green Realty Corp. NYSE: SLG is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City's largest office landlords, the company's portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.

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