SL Green Realty (NYSE:SLG) PT Raised to $44.00

SL Green Realty (NYSE:SLG) had its price target raised by JPMorgan Chase & Co. from $43.00 to $44.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “underweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 12.58% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the company. StockNews.com raised SL Green Realty to a “sell” rating in a report on Saturday, February 3rd. Scotiabank lifted their price target on shares of SL Green Realty from $40.00 to $43.00 and gave the company a “sector underperform” rating in a research report on Tuesday, April 2nd. Piper Sandler reiterated an “overweight” rating and set a $58.00 price target on shares of SL Green Realty in a research report on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of SL Green Realty in a research report on Tuesday, January 30th. They set a “hold” rating and a $50.00 price target for the company. Finally, The Goldman Sachs Group lifted their price target on shares of SL Green Realty from $30.00 to $36.00 and gave the company a “sell” rating in a research report on Thursday, January 11th. Six investment analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $47.00.

SL Green Realty Stock Performance

SLG traded down $1.83 during trading on Thursday, reaching $50.33. The company’s stock had a trading volume of 569,927 shares, compared to its average volume of 1,300,022. SL Green Realty has a 52-week low of $20.51 and a 52-week high of $55.75. The company’s fifty day moving average price is $50.40 and its 200-day moving average price is $43.60. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of -6.07, a price-to-earnings-growth ratio of 1.42 and a beta of 1.71. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.23 and a current ratio of 2.96.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the transaction, the director now directly owns 6,886 shares in the company, valued at approximately $325,363.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $47.25, for a total transaction of $467,491.50. Following the sale, the director now directly owns 6,886 shares of the company’s stock, valued at $325,363.50. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by insiders.

Institutional Trading of SL Green Realty

Several institutional investors have recently made changes to their positions in SLG. Commonwealth Equity Services LLC grew its stake in shares of SL Green Realty by 66.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 17,752 shares of the real estate investment trust’s stock valued at $662,000 after buying an additional 7,086 shares during the period. Bank of New York Mellon Corp grew its stake in shares of SL Green Realty by 4.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,033,136 shares of the real estate investment trust’s stock valued at $38,536,000 after buying an additional 45,247 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of SL Green Realty by 8.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,270 shares of the real estate investment trust’s stock valued at $1,017,000 after buying an additional 2,064 shares during the period. Allspring Global Investments Holdings LLC boosted its position in SL Green Realty by 122.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,732 shares of the real estate investment trust’s stock worth $102,000 after purchasing an additional 1,502 shares during the period. Finally, Tandem Capital Management Corp ADV boosted its position in SL Green Realty by 156.3% during the 3rd quarter. Tandem Capital Management Corp ADV now owns 31,265 shares of the real estate investment trust’s stock worth $1,166,000 after purchasing an additional 19,065 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

About SL Green Realty

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.