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

SL Green Realty (NYSE:SLG) had its price objective dropped by analysts at Scotiabank from $60.00 to $59.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s target price indicates a potential upside of 13.92% from the stock’s previous close.

Several other equities research analysts have also issued reports on SLG. Mizuho set a $53.00 target price on shares of SL Green Realty in a report on Tuesday, September 8th. LADENBURG THALM/SH SH upped their price target on shares of SL Green Realty from $42.00 to $46.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Evercore cut shares of SL Green Realty from an “outperform” rating to an “in-line” rating and set a $56.00 price objective for the company. in a research note on Monday, July 6th. JPMorgan Chase & Co. lifted their target price on shares of SL Green Realty from $51.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, August 25th. Finally, Piper Sandler set a $79.00 price target on SL Green Realty and gave the stock an “overweight” rating in a research note on Friday, July 24th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and an average price target of $57.23.

SL Green Realty Stock Performance

SLG stock traded up $0.04 during midday trading on Thursday, reaching $51.79. 192,044 shares of the company’s stock traded hands, compared to its average volume of 1,181,168. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $63.58. The stock has a market cap of $3.68 billion, a P/E ratio of -18.99, a PEG ratio of 2.22 and a beta of 1.60. The stock’s 50-day moving average is $54.21 and its 200 day moving average is $47.22.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.21. The firm had revenue of $264.00 million during the quarter, compared to analyst estimates of $179.01 million. SL Green Realty had a negative return on equity of 4.37% and a negative net margin of 16.92%.SL Green Realty’s revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 EPS. As a group, analysts anticipate that SL Green Realty will post 5.56 EPS for the current year.

Insider Buying and Selling at SL Green Realty

In other news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction dated 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 sale, the insider directly owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.94% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new position in shares of SL Green Realty in the 2nd quarter worth $33,000. Global Retirement Partners LLC bought a new stake in SL Green Realty in the second quarter worth about $53,000. Davis Capital Management bought a new position in shares of SL Green Realty during the first quarter valued at approximately $46,000. Hantz Financial Services Inc. lifted its stake in shares of SL Green Realty by 30.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust’s stock worth $74,000 after acquiring an additional 378 shares during the last quarter. Finally, Leonteq Securities AG grew its position in SL Green Realty by 4,194.0% in the 1st quarter. Leonteq Securities AG now owns 2,147 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 2,097 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors.

About SL Green Realty

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and operating commercial properties in Manhattan. The company’s portfolio is centered on office buildings, with additional interests in retail, residential and other mixed-use real estate.

SL Green leases space to businesses across a range of industries and provides property management, leasing, development and redevelopment services. Its Manhattan holdings include prominent office properties such as One Vanderbilt, along with retail and hospitality-related assets.