Scotiabank Issues Positive Forecast for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its target price lifted by stock analysts at Scotiabank from $52.00 to $53.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price objective suggests a potential upside of 26.13% from the stock’s previous close.

SLG has been the topic of several other reports. Evercore reaffirmed an “outperform” rating and set a $46.00 price objective on shares of SL Green Realty in a research note on Friday, April 17th. Morgan Stanley decreased their price target on shares of SL Green Realty from $43.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Piper Sandler decreased their price target on shares of SL Green Realty from $60.00 to $50.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. The Goldman Sachs Group set a $37.00 price target on shares of SL Green Realty and gave the company a “sell” rating in a research note on Friday, February 6th. Finally, Mizuho set a $38.00 price target on shares of SL Green Realty and gave the company a “neutral” rating in a research note on Tuesday, February 24th. Eight equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $51.20.

SL Green Realty Price Performance

SL Green Realty stock traded up $0.56 during trading hours on Thursday, hitting $42.02. 185,123 shares of the stock were exchanged, compared to its average volume of 1,327,903. The company has a debt-to-equity ratio of 1.18, a quick ratio of 3.03 and a current ratio of 3.03. The stock has a market capitalization of $3.00 billion, a P/E ratio of -16.73 and a beta of 1.60. SL Green Realty has a 12 month low of $34.77 and a 12 month high of $66.91. The business’s 50-day moving average is $40.23 and its two-hundred day moving average is $43.14.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SLG. JPMorgan Chase & Co. raised its holdings in shares of SL Green Realty by 12.7% during the third quarter. JPMorgan Chase & Co. now owns 727,906 shares of the real estate investment trust’s stock worth $43,536,000 after acquiring an additional 81,910 shares during the period. Y Intercept Hong Kong Ltd raised its holdings 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 period. Picton Mahoney Asset Management raised its holdings in shares of SL Green Realty by 218.2% during the third quarter. Picton Mahoney Asset Management now owns 239,012 shares of the real estate investment trust’s stock worth $14,296,000 after acquiring an additional 163,903 shares during the period. Strs Ohio raised its holdings in shares of SL Green Realty by 78.6% during the third quarter. Strs Ohio now owns 138,800 shares of the real estate investment trust’s stock worth $8,302,000 after acquiring an additional 61,100 shares during the period. Finally, Aberdeen Group plc raised its holdings in shares of SL Green Realty by 95.8% during the third quarter. Aberdeen Group plc now owns 288,709 shares of the real estate investment trust’s stock worth $17,302,000 after acquiring an additional 141,263 shares during the period. 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.