JPMorgan Chase & Co. Forecasts Strong Price Appreciation for SL Green Realty (NYSE:SLG) Stock

SL Green Realty (NYSE:SLG) had its target price boosted by equities researchers at JPMorgan Chase & Co. from $69.00 to $71.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 28.60% from the stock’s current price.

SLG has been the topic of a number of other reports. Truist Financial lifted their price target on SL Green Realty from $54.00 to $58.00 and gave the stock a “hold” rating in a report on Friday, July 18th. Weiss Ratings reiterated a “sell (d+)” rating on shares of SL Green Realty in a report on Wednesday. Scotiabank raised SL Green Realty from a “sector perform” rating to a “sector outperform” rating and set a $71.00 target price for the company in a research report on Friday, July 25th. Evercore ISI raised their target price on SL Green Realty from $73.00 to $76.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. Finally, Citigroup raised SL Green Realty from a “neutral” rating to a “buy” rating and raised their target price for the stock from $65.00 to $70.00 in a research report on Friday, September 12th. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $67.93.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $55.21 on Thursday. The business’s fifty day simple moving average is $58.30 and its 200 day simple moving average is $58.14. The firm has a market capitalization of $3.94 billion, a P/E ratio of -102.24 and a beta of 1.77. SL Green Realty has a 12 month low of $45.15 and a 12 month high of $82.81. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results 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 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%.SL Green Realty’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the company posted $2.05 earnings per share. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. As a group, analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

Insider Buying and Selling at SL Green Realty

In other news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction on Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the completion of the transaction, the director directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.04% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Large investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. boosted its stake in SL Green Realty by 67.8% during the second quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 253 shares during the period. MAI Capital Management boosted its stake in SL Green Realty by 25.9% during the second quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock valued at $61,000 after buying an additional 203 shares during the period. Allworth Financial LP boosted its stake in SL Green Realty by 2,432.8% during the second quarter. Allworth Financial LP now owns 1,697 shares of the real estate investment trust’s stock valued at $105,000 after buying an additional 1,630 shares during the period. Fourth Dimension Wealth LLC boosted its stake in SL Green Realty by 54.5% during the first quarter. Fourth Dimension Wealth LLC now owns 1,700 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 600 shares during the period. Finally, State of Wyoming bought a new stake in SL Green Realty during the first quarter valued at $172,000. Institutional investors own 89.96% of the company’s stock.

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.