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

SL Green Realty (NYSE:SLG) had its price target boosted by analysts at Morgan Stanley from $52.00 to $55.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price target indicates a potential downside of 4.50% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $51.00 to $80.00 in a report on Tuesday, December 10th. Bank of America lowered their target price on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Barclays reduced their price target on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Scotiabank decreased their price objective on SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a report on Friday, February 28th. Finally, Wells Fargo & Company dropped their target price on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $71.00.

SL Green Realty Price Performance

SLG stock opened at $57.59 on Wednesday. The stock’s 50 day moving average price is $64.68 and its 200 day moving average price is $69.57. The firm has a market cap of $4.11 billion, a P/E ratio of 719.91, a PEG ratio of 5.30 and a beta of 1.82. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. SL Green Realty has a 1 year low of $47.22 and a 1 year high of $82.81.

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, beating the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. On average, sell-side analysts expect that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Insider Activity at SL Green Realty

In related news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the transaction, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 5.08% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SLG. Venturi Wealth Management LLC grew its holdings in SL Green Realty by 272.0% during 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 in the last quarter. Point72 DIFC Ltd purchased a new position in SL Green Realty in the 3rd quarter valued at about $35,000. Jones Financial Companies Lllp acquired a new stake in shares of SL Green Realty during the fourth quarter valued at about $39,000. Quadrant Capital Group LLC increased its position in shares of SL Green Realty by 37.4% during the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 208 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of SL Green Realty by 17.7% in the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 157 shares in the last quarter. 89.96% of the stock is 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.