SL Green Realty (NYSE:SLG) Price Target Raised to $58.00 at Truist Financial

SL Green Realty (NYSE:SLG - Get Free Report) had its price objective boosted by research analysts at Truist Financial from $54.00 to $58.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "hold" rating on the real estate investment trust's stock. Truist Financial's price objective would indicate a potential downside of 3.28% from the company's current price.

Several other brokerages have also commented on SLG. Wall Street Zen lowered SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. JPMorgan Chase & Co. decreased their target price on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Piper Sandler decreased their target price 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. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of SL Green Realty in a research report on Friday, May 23rd. Finally, Wells Fargo & Company decreased their target price on 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. Two research 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. Based on data from MarketBeat, SL Green Realty presently has a consensus rating of "Hold" and an average price target of $65.60.

SL Green Realty Trading Down 0.4%

NYSE SLG traded down $0.23 during trading hours on Friday, hitting $59.97. 785,364 shares of the company's stock were exchanged, compared to its average volume of 886,696. The business's 50 day moving average is $61.06 and its 200-day moving average is $60.16. SL Green Realty has a 12-month low of $45.15 and a 12-month high of $82.81. The firm has a market capitalization of $4.28 billion, a P/E ratio of 10.73 and a beta of 1.65. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.85 and a current ratio of 2.72.

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 analysts' consensus estimates of $1.37 by $0.26. The company had revenue of $147.54 million for the quarter, compared to the consensus estimate 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 company's quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $2.05 EPS. As a group, analysts anticipate that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Carol N. Brown sold 2,500 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $60.61, for a total transaction of $151,525.00. Following the sale, the director owned 937 shares in the company, valued at approximately $56,791.57. This trade represents a 72.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 5.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SL Green Realty

A number of large investors have recently modified their holdings of the stock. Nuveen LLC purchased a new position in SL Green Realty in the first quarter worth about $87,878,000. Norges Bank purchased a new stake in shares of SL Green Realty in the fourth quarter worth $48,050,000. Northern Trust Corp increased its stake in shares of SL Green Realty by 79.9% in the fourth quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust's stock worth $97,101,000 after purchasing an additional 634,788 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of SL Green Realty by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust's stock worth $735,594,000 after acquiring an additional 564,822 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of SL Green Realty during the fourth quarter worth $29,000,000. Institutional investors own 89.96% of the company's stock.

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.