Morgan Stanley Forecasts Strong Price Appreciation for SL Green Realty (NYSE:SLG) Stock

SL Green Realty (NYSE:SLG) had its target price raised by analysts at Morgan Stanley from $52.00 to $55.00 in a note issued to investors 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 would suggest a potential downside of 1.00% from the company’s previous close.

A number of other brokerages have also weighed in on SLG. Compass Point upped 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. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and raised their target price for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Truist Financial raised their target price on shares of SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, January 27th. Wells Fargo & Company cut their target price on shares of 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. Finally, Jefferies Financial Group cut their target price on shares of SL Green Realty from $75.00 to $69.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $71.00.

SL Green Realty Stock Performance

SLG opened at $55.56 on Wednesday. The firm 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 has a 1-year low of $47.22 and a 1-year high of $82.81. The company has a 50 day simple moving average of $64.22 and a two-hundred day simple moving average of $69.39. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share 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%. Equities analysts forecast that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Insider Transactions at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction dated 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 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 Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.08% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Several institutional investors have recently made changes to their positions in SLG. Venturi Wealth Management LLC lifted 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 buying an additional 272 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of SL Green Realty by 6.1% in the 3rd quarter. Victory Capital Management Inc. now owns 23,900 shares of the real estate investment trust’s stock valued at $1,664,000 after purchasing an additional 1,380 shares in the last quarter. Metis Global Partners LLC raised its holdings in shares of SL Green Realty by 31.3% in the 3rd quarter. Metis Global Partners LLC now owns 6,674 shares of the real estate investment trust’s stock valued at $465,000 after purchasing an additional 1,591 shares in the last quarter. Quest Partners LLC raised its holdings in shares of SL Green Realty by 350.8% in the 3rd quarter. Quest Partners LLC now owns 2,691 shares of the real estate investment trust’s stock valued at $187,000 after purchasing an additional 2,094 shares in the last quarter. Finally, LMR Partners LLP bought a new stake in shares of SL Green Realty in the 3rd quarter valued at about $365,000. 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.