Scotiabank Forecasts Strong Price Appreciation for SL Green Realty (NYSE:SLG) Stock

SL Green Realty (NYSE:SLG - Get Free Report) had its price objective increased by investment analysts at Scotiabank from $80.00 to $81.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's price target points to a potential upside of 9.15% from the company's previous close.

Other equities analysts have also issued research reports about the stock. Jefferies Financial Group boosted their price objective on shares of SL Green Realty from $70.00 to $72.00 and gave the company a "hold" rating in a research report on Friday, November 22nd. Citigroup raised shares of SL Green Realty from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $44.00 to $66.00 in a research note on Friday, September 13th. Wells Fargo & Company lifted their target price on SL Green Realty from $43.00 to $63.00 and gave the company an "equal weight" rating in a report on Wednesday, September 11th. Barclays raised their price objective on SL Green Realty from $66.00 to $78.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. raised shares of SL Green Realty from an "underweight" rating to a "neutral" rating and increased their target price for the stock from $51.00 to $80.00 in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $68.00.

SL Green Realty Stock Down 2.9 %

NYSE:SLG traded down $2.23 during trading hours on Tuesday, hitting $74.21. The company's stock had a trading volume of 1,340,576 shares, compared to its average volume of 983,453. The stock has a market capitalization of $4.89 billion, a P/E ratio of -29.68, a price-to-earnings-growth ratio of 3.68 and a beta of 1.81. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06. The stock has a fifty day moving average of $75.18 and a 200-day moving average of $66.21. SL Green Realty has a 52-week low of $40.30 and a 52-week high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). The company had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same quarter in the prior year, the business earned $1.27 earnings per share. On average, equities analysts forecast that SL Green Realty will post 7.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Venturi Wealth Management LLC lifted its stake in shares of SL Green Realty by 272.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 272 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of SL Green Realty during the 2nd quarter valued at $29,000. Point72 DIFC Ltd bought a new position in SL Green Realty during the third quarter valued at about $35,000. Friedenthal Financial acquired a new position in SL Green Realty during the third quarter worth about $49,000. Finally, Rothschild Investment LLC bought a new stake in SL Green Realty in the second quarter worth about $55,000. 89.96% of the stock is owned by institutional investors and hedge funds.

SL Green Realty Company Profile

3SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.