SL Green Realty (NYSE:SLG) Price Target Cut to $70.00 by Analysts at BTIG Research

SL Green Realty (NYSE:SLG) had its target price reduced by research analysts at BTIG Research from $75.00 to $70.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. BTIG Research’s target price suggests a potential upside of 64.74% from the company’s current price.

SLG has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their price target on shares of SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 14th. BMO Capital Markets dropped their price objective on shares of 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. Deutsche Bank Aktiengesellschaft set a $45.00 target price on shares of SL Green Realty in a research note on Tuesday, January 6th. Barclays set a $54.00 price target on shares of SL Green Realty in a report on Tuesday, January 13th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a report on Wednesday, January 21st. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, SL Green Realty presently has an average rating of “Hold” and a consensus target price of $54.55.

SL Green Realty Trading Up 0.8%

Shares of SLG stock opened at $42.49 on Thursday. SL Green Realty has a fifty-two week low of $40.26 and a fifty-two week high of $67.44. The stock’s fifty day moving average price is $45.83 and its two-hundred day moving average price is $52.12. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.22 and a current ratio of 2.66. The company has a market cap of $3.03 billion, a PE ratio of -26.39 and a beta of 1.63.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The business had revenue of $159.82 million during the quarter, compared to the consensus estimate of $162.73 million. During the same period in the prior year, the company earned $1.81 EPS. SL Green Realty’s revenue for the quarter was up 14.5% on a year-over-year basis. Equities analysts predict that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insider Activity

In other SL Green Realty news, CEO Marc Holliday sold 22,223 shares of the company’s 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 sale, the chief executive officer owned 9,698 shares in the company, valued at approximately $430,591.20. The trade was a 69.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Andrew S. Levine sold 1,493 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.27, for a total value of $67,588.11. Following the completion of the sale, the insider directly owned 7,045 shares of the company’s stock, valued at approximately $318,927.15. The trade was a 17.49% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SLG. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of SL Green Realty in the 2nd quarter valued at about $225,000. Y Intercept Hong Kong Ltd boosted its holdings in SL Green Realty by 282.5% in 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 in the last quarter. American Century Companies Inc. acquired a new stake in SL Green Realty in the second quarter valued at approximately $12,841,000. Greenland Capital Management LP bought a new stake in shares of SL Green Realty during the second quarter valued at approximately $4,176,000. Finally, Prudential Financial Inc. raised its position in shares of SL Green Realty by 104.1% during the second quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust’s stock worth $100,439,000 after purchasing an additional 827,407 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

SL Green Realty Company Profile

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.