SL Green Realty (NYSE:SLG) Price Target Raised to $55.00 at Morgan Stanley

SL Green Realty (NYSE:SLG) had its price target lifted by equities researchers at Morgan Stanley from $52.00 to $55.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s target price suggests a potential downside of 1.00% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Bank of America cut their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Compass Point boosted their target price on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Wells Fargo & Company dropped their target price on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Mizuho boosted their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $71.00.

SL Green Realty Stock Down 3.5 %

Shares of SL Green Realty stock opened at $55.56 on Wednesday. The firm’s 50 day moving average price is $64.22 and its 200-day moving average price is $69.39. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. SL Green Realty has a 52-week low of $47.22 and a 52-week high of $82.81. The company has a market cap of $3.96 billion, a P/E ratio of 694.44, a PEG ratio of 5.30 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. On average, sell-side analysts predict that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insider Buying and Selling at SL Green Realty

In related news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the transaction, the director now directly owns 2,052 shares in the company, valued at $136,047.60. The trade was a 62.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 5.08% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently made changes to their positions in SLG. Venturi Wealth Management LLC lifted its stake in shares of SL Green Realty by 272.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 272 shares during the period. Victory Capital Management Inc. raised its position in SL Green Realty by 6.1% during the third quarter. Victory Capital Management Inc. now owns 23,900 shares of the real estate investment trust’s stock worth $1,664,000 after acquiring an additional 1,380 shares during the period. Metis Global Partners LLC raised its position in SL Green Realty by 31.3% during the third quarter. Metis Global Partners LLC now owns 6,674 shares of the real estate investment trust’s stock worth $465,000 after acquiring an additional 1,591 shares during the period. Quest Partners LLC raised its position in SL Green Realty by 350.8% during the third quarter. Quest Partners LLC now owns 2,691 shares of the real estate investment trust’s stock worth $187,000 after acquiring an additional 2,094 shares during the period. Finally, LMR Partners LLP acquired a new position in SL Green Realty during the third quarter worth $365,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.