SL Green Realty (NYSE:SLG) Price Target Cut to $55.00 by Analysts at Citigroup

SL Green Realty (NYSE:SLG) had its price objective cut by Citigroup from $70.00 to $55.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s target price would indicate a potential upside of 28.85% from the company’s current price.

A number of other brokerages have also issued reports on SLG. Piper Sandler cut their target price on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, January 5th. Mizuho lowered their price objective on SL Green Realty from $67.00 to $47.00 and set a “neutral” rating for the company in a research report on Friday, December 12th. New Street Research set a $72.00 price objective on SL Green Realty in a report on Thursday, October 9th. Morgan Stanley set a $43.00 price target on shares of SL Green Realty in a research note on Thursday, January 29th. Finally, BMO Capital Markets cut their price target on SL Green Realty from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 8th. Six equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus price target of $53.74.

SL Green Realty Stock Performance

SLG traded up $0.53 during trading on Wednesday, reaching $42.69. 363,428 shares of the company’s stock were exchanged, compared to its average volume of 1,218,267. The stock has a market capitalization of $3.04 billion, a P/E ratio of -26.47 and a beta of 1.63. SL Green Realty has a 1 year low of $40.26 and a 1 year high of $67.44. The company’s fifty day simple moving average is $45.92 and its 200-day simple moving average is $52.18. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.66 and a quick ratio of 3.22.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative net margin of 9.66% and a negative return on equity of 2.44%. The firm had revenue of $159.82 million during the quarter, compared to analyst estimates of $162.73 million. During the same period in the previous year, the firm earned $1.81 EPS. The business’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, research analysts predict 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, CEO Marc Holliday sold 22,223 shares of the stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total value of $986,701.20. Following the completion of the sale, the chief executive officer directly owned 9,698 shares of the company’s stock, valued at approximately $430,591.20. This represents a 69.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew S. Levine sold 1,493 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $45.27, for a total transaction of $67,588.11. Following the completion of the transaction, the insider directly owned 7,045 shares in the company, valued at $318,927.15. This trade represents a 17.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 5.04% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds have recently bought and sold shares of SLG. Wealth Enhancement Advisory Services LLC bought a new position in SL Green Realty during the 2nd quarter valued at about $225,000. Y Intercept Hong Kong Ltd raised its position in shares of SL Green Realty by 282.5% during the third quarter. Y Intercept Hong Kong Ltd now owns 52,986 shares of the real estate investment trust’s stock worth $3,169,000 after acquiring an additional 39,135 shares during the last quarter. American Century Companies Inc. acquired a new position in SL Green Realty during the 2nd quarter valued at about $12,841,000. Prudential Financial Inc. boosted its stake in SL Green Realty by 104.1% in the second quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust’s stock valued at $100,439,000 after acquiring an additional 827,407 shares during the last quarter. Finally, Greenland Capital Management LP bought a new position in SL Green Realty during the second quarter worth about $4,176,000. 89.96% of the stock is currently owned by 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.