SL Green Realty (NYSE:SLG) Stock Keeps “Overweight” Rating at Piper Sandler

SL Green Realty (NYSE:SLG)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a report released on Monday, Benzinga reports. They currently have a $62.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $64.00. Piper Sandler‘s target price points to a potential upside of 23.92% from the stock’s previous close.

Several other analysts have also commented on SLG. Barclays increased their price objective on SL Green Realty from $52.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, September 8th. Scotiabank lowered their price target on SL Green Realty from $60.00 to $59.00 and set a “sector outperform” rating on the stock in a report on Thursday, September 17th. Weiss Ratings restated a “sell (d+)” rating on shares of SL Green Realty in a research report on Tuesday, August 25th. BMO Capital Markets reiterated an “outperform” rating and issued a $60.00 target price (up from $52.00) on shares of SL Green Realty in a report on Monday, July 27th. Finally, Wells Fargo & Company set a $56.50 target price on SL Green Realty and gave the company an “equal weight” rating in a research report on Tuesday, September 1st. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $55.03.

SL Green Realty Stock Performance

NYSE:SLG opened at $50.03 on Monday. The company has a quick ratio of 3.10, a current ratio of 2.92 and a debt-to-equity ratio of 1.11. SL Green Realty has a twelve month low of $34.77 and a twelve month high of $60.09. The business’s 50-day moving average price is $52.05 and its two-hundred day moving average price is $49.38. The stock has a market cap of $3.56 billion, a P/E ratio of -24.29, a PEG ratio of 4.06 and a beta of 1.66.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $1.26. SL Green Realty had a negative net margin of 12.03% and a negative return on equity of 3.18%. The company had revenue of $165.55 million during the quarter, compared to analysts’ expectations of $176.97 million. During the same period last year, the company posted $1.58 EPS. SL Green Realty’s revenue was up 10.6% on a year-over-year basis. As a group, equities analysts predict that SL Green Realty will post 5.72 EPS for the current fiscal year.

Insider Buying and Selling

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of SL Green Realty stock in a transaction on Friday, August 21st. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the sale, the insider owned 109,468 shares in the company, valued at $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.94% of the stock is currently owned by company insiders.

Institutional Trading of SL Green Realty

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP grew its position in shares of SL Green Realty by 24.3% during the second quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust’s stock worth $132,000 after buying an additional 499 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of SL Green Realty during the 2nd quarter worth $33,000. Glenmede Trust Co. NA increased its position in SL Green Realty by 3.8% during the 1st quarter. Glenmede Trust Co. NA now owns 17,370 shares of the real estate investment trust’s stock worth $642,000 after purchasing an additional 639 shares in the last quarter. Probity Advisors Inc. grew its holdings in SL Green Realty by 6.1% in the 3rd quarter. Probity Advisors Inc. now owns 11,546 shares of the real estate investment trust’s stock valued at $565,000 after buying an additional 665 shares during the period. Finally, Carson Advisory Inc. increased its position in shares of SL Green Realty by 3.3% in the first quarter. Carson Advisory Inc. now owns 22,213 shares of the real estate investment trust’s stock worth $821,000 after acquiring an additional 700 shares in the last quarter. 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 self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.