Barclays Has Lowered Expectations for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its target price lowered by Barclays from $78.00 to $76.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s target price would suggest a potential upside of 20.18% from the company’s previous close.

A number of other analysts also recently issued reports on the company. Morgan Stanley lifted their target price on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Piper Sandler reiterated an “overweight” rating and set a $90.00 price objective (up previously from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Bank of America decreased 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. Evercore ISI increased their price target on shares of SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Finally, Compass Point boosted their price objective on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, SL Green Realty has an average rating of “Hold” and a consensus target price of $69.38.

SL Green Realty Price Performance

SLG opened at $63.24 on Tuesday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. The company has a fifty day simple moving average of $70.28 and a 200 day simple moving average of $69.40. SL Green Realty has a 12 month low of $41.88 and a 12 month high of $82.81. The stock has a market cap of $4.17 billion, a P/E ratio of 790.46, a P/E/G ratio of 5.53 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.11%. On average, research analysts expect that SL Green Realty will post 5.43 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC raised its holdings in shares of 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 worth $26,000 after buying an additional 272 shares in the last quarter. Point72 DIFC Ltd bought a new position in SL Green Realty in the third quarter valued at about $35,000. Friedenthal Financial acquired a new position in SL Green Realty during the third quarter worth about $49,000. Blue Trust Inc. boosted its stake in shares of SL Green Realty by 363.2% in the 3rd quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 632 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of SL Green Realty by 17.7% in the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 157 shares in the last quarter. 89.96% of the stock is currently owned by institutional investors.

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.