Wells Fargo & Company Cuts SL Green Realty (NYSE:SLG) Price Target to $69.00

SL Green Realty (NYSE:SLG) had its target price decreased by stock analysts at Wells Fargo & Company from $76.00 to $69.00 in a report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price points to a potential upside of 4.95% from the stock’s previous close.

Several other research firms have also commented on SLG. Barclays reduced their price target on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Truist Financial boosted their price objective on shares of SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, January 27th. Piper Sandler reaffirmed an “overweight” rating and set a $90.00 target price (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Scotiabank boosted their price target on SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Tuesday, December 10th. Finally, Bank of America reduced their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $71.07.

SL Green Realty Trading Down 2.4 %

SLG stock traded down $1.65 during trading on Monday, hitting $65.74. The company had a trading volume of 112,632 shares, compared to its average volume of 822,940. SL Green Realty has a 52-week low of $41.88 and a 52-week high of $82.81. The company has a 50 day simple moving average of $69.49 and a 200-day simple moving average of $69.46. The firm has a market capitalization of $4.33 billion, a P/E ratio of 821.80, a PEG ratio of 5.54 and a beta of 1.82. The company has a quick ratio of 2.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.90.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. As a group, research 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, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.08% of the stock is owned by corporate insiders.

Institutional Trading of SL Green Realty

A number of hedge funds have recently modified their holdings of the stock. Venturi Wealth Management LLC lifted its holdings in SL Green Realty by 272.0% in the third quarter. Venturi Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 272 shares during the period. Point72 DIFC Ltd purchased a new stake in SL Green Realty during the third quarter worth $35,000. Friedenthal Financial acquired a new stake in SL Green Realty during the third quarter valued at $49,000. Blue Trust Inc. raised its position in shares of SL Green Realty by 363.2% in the third quarter. Blue Trust Inc. now owns 806 shares of the real estate investment trust’s stock worth $56,000 after acquiring an additional 632 shares during the period. Finally, Versant Capital Management Inc boosted its stake in shares of SL Green Realty by 17.7% during the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 157 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

About SL Green Realty

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.