Morgan Stanley Raises SL Green Realty (NYSE:SLG) Price Target to $47.00

SL Green Realty (NYSE:SLG) had its target price upped by equities research analysts at Morgan Stanley from $41.00 to $47.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price objective indicates a potential downside of 14.78% from the stock’s previous close.

Several other brokerages also recently weighed in on SLG. StockNews.com raised shares of SL Green Realty to a “sell” rating in a report on Saturday, February 3rd. Truist Financial downgraded shares of SL Green Realty from a “buy” rating to a “hold” rating and upped their target price for the stock from $44.00 to $47.00 in a report on Tuesday, January 16th. Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $35.00 to $48.00 in a report on Wednesday. Evercore ISI downgraded shares of SL Green Realty from an “in-line” rating to an “underperform” rating and set a $44.00 price objective for the company. in a report on Monday, March 18th. Finally, The Goldman Sachs Group increased their price objective on shares of SL Green Realty from $30.00 to $36.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $46.09.

SL Green Realty Stock Performance

Shares of SLG stock traded up $1.41 during mid-day trading on Thursday, reaching $55.15. 130,731 shares of the company’s stock traded hands, compared to its average volume of 1,308,179. The firm has a market capitalization of $3.57 billion, a PE ratio of -6.08, a price-to-earnings-growth ratio of 1.70 and a beta of 1.70. The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.23 and a current ratio of 2.23. The firm has a 50 day moving average price of $47.75 and a two-hundred day moving average price of $41.65. SL Green Realty has a 12 month low of $20.51 and a 12 month high of $55.57.

Insiders Place Their Bets

In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the transaction, the director now owns 6,886 shares in the company, valued at $325,363.50. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. boosted its holdings in shares of SL Green Realty by 2.8% in the second quarter. BlackRock Inc. now owns 11,561,366 shares of the real estate investment trust’s stock valued at $347,419,000 after acquiring an additional 315,294 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of SL Green Realty by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 10,324,945 shares of the real estate investment trust’s stock valued at $466,378,000 after purchasing an additional 43,241 shares during the period. State Street Corp lifted its stake in shares of SL Green Realty by 10.2% in the second quarter. State Street Corp now owns 4,372,816 shares of the real estate investment trust’s stock valued at $132,562,000 after purchasing an additional 403,257 shares during the period. Deutsche Bank AG lifted its stake in shares of SL Green Realty by 2,563.6% in the third quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock valued at $74,573,000 after purchasing an additional 1,924,221 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of SL Green Realty by 39.1% in the second quarter. Geode Capital Management LLC now owns 1,424,518 shares of the real estate investment trust’s stock valued at $42,807,000 after purchasing an additional 400,373 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.