Truist Financial Issues Positive Forecast for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG - Get Free Report) had its target price boosted by investment analysts at Truist Financial from $54.00 to $58.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "hold" rating on the real estate investment trust's stock. Truist Financial's price objective would suggest a potential downside of 3.64% from the company's previous close.

A number of other research analysts also recently weighed in on SLG. Wells Fargo & Company decreased their price objective on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a research report on Monday, May 19th. JPMorgan Chase & Co. reduced their price target on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Wall Street Zen downgraded SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Piper Sandler cut their price objective on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Finally, Scotiabank set a $71.00 target price on SL Green Realty and gave the stock a "sector perform" rating in a research note on Monday. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, SL Green Realty has a consensus rating of "Hold" and a consensus price target of $65.60.

SL Green Realty Stock Performance

Shares of NYSE:SLG traded down $1.11 during midday trading on Friday, reaching $60.19. The company's stock had a trading volume of 1,475,311 shares, compared to its average volume of 887,091. The company has a quick ratio of 2.85, a current ratio of 2.72 and a debt-to-equity ratio of 0.98. The stock has a fifty day moving average of $60.99 and a 200 day moving average of $60.32. SL Green Realty has a twelve month low of $45.15 and a twelve month high of $82.81. The firm has a market capitalization of $4.29 billion, a PE ratio of -111.46 and a beta of 1.65.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, topping the consensus estimate of $1.37 by $0.26. The business had revenue of $147.54 million for the quarter, compared to analyst estimates of $171.24 million. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. The business's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.05 EPS. On average, equities analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insider Transactions at SL Green Realty

In related news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $60.61, for a total value of $151,525.00. Following the completion of the transaction, the director owned 937 shares in the company, valued at approximately $56,791.57. The trade was a 72.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.04% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in SL Green Realty by 2.6% in 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 purchasing an additional 283,009 shares during the last quarter. Geode Capital Management LLC increased its position in SL Green Realty by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust's stock worth $119,001,000 after purchasing an additional 110,594 shares during the period. Goldman Sachs Group Inc. grew its holdings in SL Green Realty by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust's stock worth $97,851,000 after acquiring an additional 130,206 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of SL Green Realty by 3.0% in the 4th quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust's stock valued at $111,179,000 after purchasing an additional 46,988 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of SL Green Realty by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,554,977 shares of the real estate investment trust's stock valued at $89,722,000 after acquiring an additional 126,969 shares during the period. 89.96% of the stock is 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.