SL Green Realty (NYSE:SLG) Stock Price Target Lowered at Wells Fargo & Company

SL Green Realty (NYSE:SLG) had its price objective dropped by equities research analysts at Wells Fargo & Company from $56.50 to $54.00 in a report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 3.90% from the stock’s current price.

A number of other analysts have also issued reports on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of SL Green Realty in a report on Tuesday, August 25th. Truist Financial dropped their price objective on shares of SL Green Realty from $57.00 to $48.00 and set a “hold” rating for the company in a research report on Tuesday, October 27th. Barclays increased their price target on shares of SL Green Realty from $52.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 8th. LADENBURG THALM/SH SH boosted their price objective on shares of SL Green Realty from $42.00 to $46.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Finally, Citigroup reaffirmed a “buy” rating and set a $60.00 price target (up from $45.00) on shares of SL Green Realty in a research note on Friday, July 24th. Six equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $54.35.

SL Green Realty Stock Performance

Shares of NYSE:SLG traded up $1.61 during trading hours on Monday, hitting $51.97. The stock had a trading volume of 17,412 shares, compared to its average volume of 1,153,721. The stock’s fifty day simple moving average is $51.36 and its 200 day simple moving average is $46.86. SL Green Realty has a 1-year low of $34.77 and a 1-year high of $60.09. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of -25.15, a PEG ratio of 3.70 and a beta of 1.71. The company has a debt-to-equity ratio of 1.11, a quick ratio of 3.10 and a current ratio of 2.92.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.25) by $1.26. The business had revenue of $165.55 million for the quarter, compared to analyst estimates of $176.97 million. SL Green Realty had a negative net margin of 12.03% and a negative return on equity of 3.18%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the business earned $1.58 earnings per share. Sell-side analysts anticipate that SL Green Realty will post 6.29 earnings per share for the current fiscal year.

Insider Transactions at SL Green Realty

In related news, insider Harrison Sitomer sold 23,113 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the completion of the sale, the insider directly owned 109,468 shares in the company, valued at $6,317,398.28. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.94% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. State of Wyoming bought a new position in shares of SL Green Realty during the 3rd quarter worth approximately $65,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in shares of SL Green Realty by 358.1% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 59,100 shares of the real estate investment trust’s stock valued at $2,891,000 after buying an additional 46,200 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its stake in SL Green Realty by 15.9% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,501 shares of the real estate investment trust’s stock valued at $171,000 after acquiring an additional 481 shares during the period. Moody Aldrich Partners LLC increased its stake in shares of SL Green Realty by 63.3% in the third quarter. Moody Aldrich Partners LLC now owns 126,982 shares of the real estate investment trust’s stock worth $6,212,000 after purchasing an additional 49,212 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in SL Green Realty by 6.5% in the 3rd quarter. Asset Management One Co. Ltd. now owns 105,474 shares of the real estate investment trust’s stock worth $5,160,000 after buying an additional 6,435 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.