Citigroup Issues Pessimistic Forecast for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its price objective decreased by equities researchers at Citigroup from $55.00 to $45.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s price objective would suggest a potential upside of 16.14% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on SLG. Truist Financial set a $44.00 price target on SL Green Realty in a report on Tuesday, February 3rd. JPMorgan Chase & Co. reduced their price objective on 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. Mizuho set a $38.00 target price on SL Green Realty and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Evercore set a $54.00 price target on SL Green Realty and gave the company an “outperform” rating in a report on Monday, December 8th. Finally, Zacks Research upgraded shares of SL Green Realty from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 25th. Eight investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, SL Green Realty has a consensus rating of “Hold” and an average target price of $52.30.

SL Green Realty Price Performance

SLG stock traded down $0.02 during trading on Tuesday, hitting $38.75. 209,929 shares of the stock traded hands, compared to its average volume of 1,387,739. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -24.07 and a beta of 1.66. SL Green Realty has a one year low of $35.03 and a one year high of $66.91. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 1.05. The company has a 50 day simple moving average of $41.42 and a 200 day simple moving average of $48.03.

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, topping 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 for the quarter, compared to analysts’ expectations of $162.73 million. During the same period in the prior year, the firm earned $1.81 earnings per share. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Cohen & Steers Inc. acquired a new stake in shares of SL Green Realty during the 4th quarter worth approximately $121,675,000. Goldman Sachs Group Inc. boosted its stake in SL Green Realty by 62.0% in 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 last quarter. Norges Bank bought a new position in SL Green Realty in the fourth quarter valued at approximately $44,094,000. M&T Bank Corp acquired a new stake in SL Green Realty during the 4th quarter worth $43,201,000. Finally, Victory Capital Management Inc. raised its position in shares of SL Green Realty by 535.3% during the 4th quarter. Victory Capital Management Inc. now owns 1,107,618 shares of the real estate investment trust’s stock valued at $50,806,000 after acquiring an additional 933,272 shares during the last quarter. 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.