SL Green Realty (NYSE:SLG) Price Target Cut to $51.00 by Analysts at JPMorgan Chase & Co.

SL Green Realty (NYSE:SLG) had its price objective decreased by equities researchers at JPMorgan Chase & Co. from $52.00 to $51.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 6.44% from the company’s current price.

Other equities analysts have also recently issued reports about the company. UBS Group set a $61.00 price objective on SL Green Realty in a research report on Wednesday. Barclays set a $54.00 price target on SL Green Realty in a research note on Tuesday. Wells Fargo & Company lowered their price target on SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 27th. Scotiabank set a $66.00 price objective on SL Green Realty and gave the stock a “sector outperform” rating in a report on Friday, October 24th. Finally, New Street Research set a $72.00 target price on shares of SL Green Realty in a research note on Thursday, October 9th. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $56.22.

SL Green Realty Stock Down 1.7%

NYSE:SLG traded down $0.85 on Wednesday, reaching $47.92. 508,144 shares of the stock traded hands, compared to its average volume of 1,081,879. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 4,794.59 and a beta of 1.60. SL Green Realty has a 12 month low of $40.26 and a 12 month high of $68.14. The company’s fifty day simple moving average is $46.40 and its 200 day simple moving average is $53.91.

SL Green Realty (NYSE:SLG) last issued its earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.24. SL Green Realty had a net margin of 1.75% and a negative return on equity of 0.22%. The firm had revenue of $244.82 million for the quarter, compared to the consensus estimate of $170.27 million. During the same quarter in the prior year, the firm posted $1.26 earnings per share. The business’s revenue was up 7.2% on a year-over-year basis. Equities analysts predict that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Andrew S. Levine sold 1,493 shares of the firm’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $45.27, for a total transaction of $67,588.11. Following the sale, the insider directly owned 7,045 shares in the company, valued at $318,927.15. This trade represents a 17.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Marc Holliday sold 22,223 shares of the company’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total transaction of $986,701.20. Following the completion of the transaction, the chief executive officer directly owned 9,698 shares of the company’s stock, valued at $430,591.20. This represents a 69.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently made changes to their positions in SLG. Norges Bank bought a new stake in SL Green Realty during the 2nd quarter valued at approximately $55,947,000. Prudential Financial Inc. grew its holdings in SL Green Realty by 104.1% during the 2nd quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust’s stock valued at $100,439,000 after buying an additional 827,407 shares in the last quarter. Hudson Bay Capital Management LP grew its holdings in SL Green Realty by 51.6% during the 3rd quarter. Hudson Bay Capital Management LP now owns 1,460,373 shares of the real estate investment trust’s stock valued at $87,345,000 after buying an additional 497,040 shares in the last quarter. Balyasny Asset Management L.P. raised its position in shares of SL Green Realty by 663.4% during the second quarter. Balyasny Asset Management L.P. now owns 513,556 shares of the real estate investment trust’s stock valued at $31,789,000 after buying an additional 446,283 shares during the last quarter. Finally, BROOKFIELD Corp ON purchased a new position in shares of SL Green Realty in the second quarter worth $18,695,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.