Scotiabank Lowers SL Green Realty (NYSE:SLG) Price Target to $51.00

SL Green Realty (NYSE:SLG) had its price objective dropped by Scotiabank from $61.00 to $51.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s target price would indicate a potential upside of 35.28% from the company’s previous close.

SLG has been the topic of a number of other reports. LADENBURG THALM/SH SH reduced their price objective on shares of SL Green Realty from $60.00 to $50.00 and set a “neutral” rating on the stock in a report on Thursday, December 18th. Evercore set a $54.00 target price on SL Green Realty and gave the company an “outperform” rating in a report on Monday, December 8th. Barclays decreased their price target on SL Green Realty from $54.00 to $43.00 and set an “equal weight” rating for the company in a report on Thursday. Piper Sandler lowered their price objective on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, January 5th. Finally, Mizuho set a $38.00 price objective on SL Green Realty and gave the company a “neutral” rating in a report on Tuesday, February 24th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $52.80.

SL Green Realty Stock Up 2.3%

SLG stock traded up $0.85 during mid-day trading on Monday, reaching $37.70. The company had a trading volume of 765,804 shares, compared to its average volume of 1,377,454. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.66 and a current ratio of 2.66. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of -23.38 and a beta of 1.66. The firm has a fifty day simple moving average of $44.09 and a 200 day simple moving average of $50.02. SL Green Realty has a fifty-two week low of $35.52 and a fifty-two week high of $66.91.

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

Insider Buying and Selling

In other SL Green Realty news, insider Andrew S. Levine sold 1,493 shares of SL Green Realty stock in a transaction on 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 directly owned 7,045 shares in the company, valued at approximately $318,927.15. The trade was a 17.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Marc Holliday sold 22,223 shares of the stock in a transaction on 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 directly owned 9,698 shares of the company’s stock, valued at approximately $430,591.20. This represents a 69.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.04% of the stock is currently owned by insiders.

Institutional Trading of SL Green Realty

Hedge funds and other institutional investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd lifted its holdings in shares of SL Green Realty by 282.5% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 52,986 shares of the real estate investment trust’s stock valued at $3,169,000 after buying an additional 39,135 shares during the period. Greenland Capital Management LP acquired a new position in SL Green Realty during the second quarter worth $4,176,000. American Century Companies Inc. purchased a new position in SL Green Realty in the second quarter worth $12,841,000. Prudential Financial Inc. lifted its holdings 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 period. Finally, Strs Ohio lifted its holdings in SL Green Realty by 78.6% in the third quarter. Strs Ohio now owns 138,800 shares of the real estate investment trust’s stock valued at $8,302,000 after acquiring an additional 61,100 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.