SL Green Realty (NYSE:SLG) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist raised its price target on SL Green Realty to $46.00 from $44.00 while keeping a "hold" rating, implying about a 5.72% upside from the prior close.
• Analyst opinions are mixed—eight Buys, nine Holds and two Sells—with a MarketBeat consensus rating of Hold and a consensus price target of $51.15.
• SL Green reported Q1 EPS of $1.13 (beating estimates by $0.03) and revenue of $159.8M (slightly below expectations); the stock opened around $43.51, has a $3.10B market cap, but shows negative ROE and net margin despite 14.5% YoY revenue growth.

SL Green Realty (NYSE:SLG - Get Free Report) had its price target boosted by equities researchers at Truist Financial from $44.00 to $46.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the real estate investment trust's stock. Truist Financial's target price indicates a potential upside of 5.72% from the stock's previous close.

Other analysts have also recently issued reports about the company. Evercore reiterated an "outperform" rating and set a $46.00 price target on shares of SL Green Realty in a research report on Friday. Deutsche Bank Aktiengesellschaft upgraded SL Green Realty from a "hold" rating to a "buy" rating and dropped their price target for the stock from $45.00 to $44.00 in a research report on Wednesday, March 18th. Citigroup decreased their price objective on SL Green Realty from $55.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, March 24th. Barclays decreased their price objective on SL Green Realty from $54.00 to $43.00 and set an "equal weight" rating for the company in a report on Thursday, February 26th. Finally, Piper Sandler decreased their price objective on SL Green Realty from $60.00 to $50.00 and set an "overweight" rating for the company in a report on Wednesday, April 1st. Eight research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, SL Green Realty has a consensus rating of "Hold" and a consensus price target of $51.15.

SL Green Realty Stock Down 1.3%

Shares of SL Green Realty stock opened at $43.51 on Wednesday. The company has a current ratio of 3.03, a quick ratio of 2.66 and a debt-to-equity ratio of 1.19. The business's 50 day simple moving average is $38.61 and its 200-day simple moving average is $44.64. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of -17.34 and a beta of 1.61. SL Green Realty has a twelve month low of $34.77 and a twelve month high of $66.91.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.03. The business had revenue of $159.82 million for the quarter, compared to analysts' expectations of $162.73 million. SL Green Realty had a negative return on equity of 4.06% and a negative net margin of 15.77%.The business's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.81 EPS. Equities research analysts forecast that SL Green Realty will post 4.64 earnings per share for the current year.

Hedge Funds Weigh In On SL Green Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLG. AQR Capital Management LLC grew its holdings in SL Green Realty by 74.8% in the 1st quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust's stock worth $1,519,000 after buying an additional 11,506 shares in the last quarter. United Services Automobile Association bought a new position in SL Green Realty during the 1st quarter valued at $253,000. Empowered Funds LLC boosted its stake in SL Green Realty by 10.9% during the 1st quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust's stock valued at $425,000 after purchasing an additional 722 shares in the last quarter. Creative Planning bought a new position in SL Green Realty during the 2nd quarter valued at $421,000. Finally, California Public Employees Retirement System boosted its stake in SL Green Realty by 4.6% during the 2nd 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 purchasing an additional 5,789 shares in the last quarter. 89.96% of the stock is owned by institutional investors.

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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