Scotiabank Issues Pessimistic Forecast for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its target price lowered by research analysts at Scotiabank from $75.00 to $71.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective indicates a potential upside of 12.05% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. Piper Sandler reduced their price target on shares of SL Green Realty from $90.00 to $72.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Truist Financial reduced their target price on shares of SL Green Realty from $62.00 to $54.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of SL Green Realty in a report on Friday, May 23rd. Barclays reduced their target price on shares of SL Green Realty from $76.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, April 30th. Finally, Jefferies Financial Group began coverage on shares of SL Green Realty in a report on Monday, March 17th. They set a “hold” rating and a $58.00 target price for the company. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and an average price target of $65.33.

SL Green Realty Trading Down 0.9%

NYSE:SLG traded down $0.58 during trading hours on Monday, hitting $63.37. The stock had a trading volume of 212,237 shares, compared to its average volume of 876,275. SL Green Realty has a one year low of $45.15 and a one year high of $82.81. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.85 and a current ratio of 2.85. The company has a market cap of $4.52 billion, a price-to-earnings ratio of -150.90 and a beta of 1.65. The business’s 50 day moving average is $60.37 and its 200-day moving average is $60.34.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.13. The company had revenue of $144.52 million during the quarter, compared to analysts’ expectations of $158.44 million. SL Green Realty had a negative net margin of 1.30% and a negative return on equity of 0.98%. Sell-side analysts anticipate that SL Green Realty will post 5.43 EPS for the current fiscal year.

Institutional Trading of SL Green Realty

Large investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $39,000. Quadrant Capital Group LLC lifted its stake in shares of SL Green Realty by 37.4% during the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 208 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $75,000. GF Fund Management CO. LTD. acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $80,000. Finally, Summit Securities Group LLC acquired a new stake in shares of SL Green Realty during the 4th quarter worth about $88,000. Institutional investors and hedge funds 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.