SL Green Realty (NYSE:SLG) Given New $50.00 Price Target at Morgan Stanley

SL Green Realty (NYSE:SLG) had its price objective lifted by equities research analysts at Morgan Stanley from $47.00 to $50.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price objective suggests a potential downside of 24.52% from the stock’s previous close.

SLG has been the topic of several other reports. Wells Fargo & Company boosted their target price on SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. Scotiabank boosted their target price on SL Green Realty from $53.00 to $68.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $44.00 to $66.00 in a report on Friday, September 13th. JPMorgan Chase & Co. boosted their target price on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. Finally, Piper Sandler boosted their target price on SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $59.86.

SL Green Realty Price Performance

NYSE:SLG traded down $0.27 during trading hours on Wednesday, hitting $66.24. 114,928 shares of the stock were exchanged, compared to its average volume of 996,162. SL Green Realty has a 52-week low of $28.55 and a 52-week high of $73.80. The firm’s fifty day moving average price is $66.23 and its 200 day moving average price is $58.68. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98. The company has a market cap of $4.36 billion, a P/E ratio of -8.02, a P/E/G ratio of 1.91 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.09. The business had revenue of $222.82 million for the quarter, compared to analysts’ expectations of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The business’s revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.43 EPS. As a group, equities research analysts anticipate that SL Green Realty will post 7.58 EPS for the current fiscal year.

Institutional Trading of SL Green Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new stake in SL Green Realty in the second quarter valued at approximately $29,000. Rothschild Investment LLC purchased a new stake in SL Green Realty in the second quarter valued at approximately $55,000. Fidelis Capital Partners LLC purchased a new stake in shares of SL Green Realty during the first quarter worth $55,000. Miracle Mile Advisors LLC purchased a new stake in shares of SL Green Realty during the third quarter worth $209,000. Finally, GAMMA Investing LLC increased its position in shares of SL Green Realty by 6.3% during the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock worth $182,000 after acquiring an additional 196 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.