Barclays Cuts SL Green Realty (NYSE:SLG) Price Target to $43.00

SL Green Realty (NYSE:SLG) had its price objective reduced by research analysts at Barclays from $54.00 to $43.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price objective would suggest a potential upside of 9.60% from the company’s previous close.

SLG has been the topic of several other reports. The Goldman Sachs Group set a $37.00 price objective on SL Green Realty and gave the stock a “sell” rating in a research note on Friday, February 6th. Raymond James Financial set a $44.00 price objective on SL Green Realty in a report on Tuesday, February 3rd. Morgan Stanley set a $43.00 target price on shares of SL Green Realty in a research note on Thursday, January 29th. BMO Capital Markets dropped their price objective on SL Green Realty from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 8th. Finally, Piper Sandler dropped their target price on shares of SL Green Realty from $62.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, January 5th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $53.30.

SL Green Realty Stock Up 3.8%

Shares of SLG stock traded up $1.42 on Thursday, hitting $39.23. The stock had a trading volume of 111,267 shares, compared to its average volume of 1,335,412. The stock’s 50 day moving average is $44.34 and its 200-day moving average is $50.26. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of -24.32 and a beta of 1.63. SL Green Realty has a 52-week low of $36.12 and a 52-week high of $66.91. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.66 and a current ratio of 2.66.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.03. The firm had revenue of $159.82 million during the quarter, compared to analyst estimates of $162.73 million. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.SL Green Realty’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.81 EPS. As a group, research analysts expect that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Transactions at SL Green Realty

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

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently modified their holdings of the company. State Street Corp boosted its holdings in shares of SL Green Realty by 1.0% during the 2nd quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust’s stock worth $264,636,000 after buying an additional 41,873 shares during the period. Alyeska Investment Group L.P. lifted its position in SL Green Realty by 25.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 3,041,226 shares of the real estate investment trust’s stock worth $139,501,000 after acquiring an additional 617,488 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in SL Green Realty by 62.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock valued at $133,862,000 after acquiring an additional 1,117,357 shares during the period. Cohen & Steers Inc. acquired a new stake in shares of SL Green Realty in the fourth quarter valued at about $121,675,000. Finally, Geode Capital Management LLC grew its position in shares of SL Green Realty by 0.4% in the second quarter. Geode Capital Management LLC now owns 1,833,682 shares of the real estate investment trust’s stock valued at $113,518,000 after purchasing an additional 6,690 shares during the last quarter. Institutional investors 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.