Scotiabank Reiterates “$71.00” Price Target for SL Green Realty (NYSE:SLG)

SL Green Realty (NYSE:SLG) has been given a $71.00 price target by investment analysts at Scotiabank in a note issued to investors on Monday, Marketbeat reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price would indicate a potential upside of 11.49% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company reduced their price target on shares of SL Green Realty from $69.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Monday, May 19th. Barclays reduced their price target on shares of SL Green Realty from $76.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 30th. Truist Financial reduced their price target on shares of SL Green Realty from $62.00 to $54.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler reduced their price target on shares of SL Green Realty from $90.00 to $72.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Finally, Wall Street Zen cut shares of SL Green Realty from a “hold” rating to a “sell” rating in a report on Saturday, May 24th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $65.33.

SL Green Realty Price Performance

Shares of NYSE SLG traded down $0.26 during mid-day trading on Monday, reaching $63.69. 363,737 shares of the company were exchanged, compared to its average volume of 876,834. SL Green Realty has a 52 week low of $45.15 and a 52 week high of $82.81. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $4.54 billion, a PE ratio of -151.27 and a beta of 1.65. The company’s 50 day moving average price is $60.37 and its 200 day moving average price is $60.34.

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

Hedge Funds Weigh In On SL Green Realty

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in SL Green Realty by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust’s stock valued at $641,238,000 after purchasing an additional 283,009 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of SL Green Realty by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust’s stock worth $119,001,000 after acquiring an additional 110,594 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of SL Green Realty by 8.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust’s stock worth $97,851,000 after acquiring an additional 130,206 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of SL Green Realty by 3.0% during the 4th quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust’s stock worth $111,179,000 after acquiring an additional 46,988 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of SL Green Realty by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,554,977 shares of the real estate investment trust’s stock worth $89,722,000 after acquiring an additional 126,969 shares during the period. 89.96% of the stock is owned by institutional investors and hedge funds.

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.