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

SL Green Realty (NYSE:SLG) had its price target cut by stock analysts at Scotiabank from $61.00 to $51.00 in a report issued on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price target suggests a potential upside of 35.28% from the company’s previous close.

Several other analysts have also weighed in on the company. Evercore set a $54.00 target price on SL Green Realty and gave the company an “outperform” rating in a report on Monday, December 8th. Truist Financial set a $44.00 price objective on shares of SL Green Realty in a research note on Tuesday, February 3rd. Raymond James Financial set a $44.00 target price on shares of SL Green Realty in a report on Tuesday, February 3rd. Zacks Research raised shares of SL Green Realty from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 25th. Finally, UBS Group set a $61.00 price target on shares of SL Green Realty in a research report on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $52.80.

SL Green Realty Price Performance

SL Green Realty stock traded up $0.85 during mid-day trading on Monday, reaching $37.70. The company had a trading volume of 765,804 shares, compared to its average volume of 1,377,454. The stock’s 50-day simple moving average is $44.09 and its 200-day simple moving average is $50.02. SL Green Realty has a 1 year low of $35.52 and a 1 year high of $66.91. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.66 and a quick ratio of 2.66. The company has a market capitalization of $2.69 billion, a P/E ratio of -23.38 and a beta of 1.66.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, topping the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The business had revenue of $159.82 million for the quarter, compared to analyst estimates of $162.73 million. During the same quarter in the previous year, the company earned $1.81 EPS. The company’s quarterly revenue was up 14.5% on a year-over-year basis. On average, equities analysts predict that SL Green Realty will post 5.43 EPS for the current year.

Insider Buying and Selling

In other SL Green Realty news, CEO Marc Holliday sold 22,223 shares of SL Green Realty stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total value of $986,701.20. Following the completion of the sale, the chief executive officer directly owned 9,698 shares of the company’s stock, valued at approximately $430,591.20. The trade was a 69.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew S. Levine sold 1,493 shares of the stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $45.27, for a total value of $67,588.11. Following the transaction, the insider directly owned 7,045 shares in the company, valued at approximately $318,927.15. This represents a 17.49% decrease in their position. The SEC filing for this sale provides additional information. 5.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently added to or reduced their stakes in the business. Ethic Inc. grew its holdings in SL Green Realty by 2.4% in the 3rd quarter. Ethic Inc. now owns 8,132 shares of the real estate investment trust’s stock valued at $486,000 after buying an additional 193 shares during the period. MAI Capital Management boosted its position in shares of SL Green Realty by 25.9% in the second quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock worth $61,000 after acquiring an additional 203 shares during the last quarter. Amalgamated Bank boosted its position in shares of SL Green Realty by 1.2% in the second quarter. Amalgamated Bank now owns 20,245 shares of the real estate investment trust’s stock worth $1,253,000 after acquiring an additional 235 shares during the last quarter. Integrity Alliance LLC. grew its holdings in SL Green Realty by 4.1% in the fourth quarter. Integrity Alliance LLC. now owns 5,970 shares of the real estate investment trust’s stock valued at $274,000 after purchasing an additional 237 shares during the period. Finally, Bessemer Group Inc. increased its position in SL Green Realty by 67.8% during the second quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 253 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

SL Green Realty Company Profile

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.