SL Green Realty (NYSE:SLG) Given New $55.00 Price Target at Citigroup

SL Green Realty (NYSE:SLG) had its price target decreased by stock analysts at Citigroup from $70.00 to $55.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s target price would suggest a potential upside of 28.85% from the stock’s current price.

A number of other analysts have also commented on SLG. The Goldman Sachs Group restated a “sell” rating and set a $42.00 price target (down previously from $48.00) on shares of SL Green Realty in a research note on Tuesday, December 23rd. Raymond James Financial set a $44.00 target price on shares of SL Green Realty in a research report on Tuesday. Piper Sandler lowered their price objective on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, January 5th. Wells Fargo & Company cut their price target on SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 27th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of SL Green Realty in a report on Wednesday, January 21st. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $53.74.

SL Green Realty Stock Performance

SL Green Realty stock traded up $0.53 during trading hours on Wednesday, hitting $42.69. The company had a trading volume of 363,428 shares, compared to its average volume of 1,218,267. SL Green Realty has a one year low of $40.26 and a one year high of $67.44. The firm has a market cap of $3.04 billion, a PE ratio of -26.47 and a beta of 1.63. The firm has a 50-day moving average of $45.92 and a 200 day moving average of $52.18. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.66 and a quick ratio of 3.22.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, beating the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative net margin of 9.66% and a negative return on equity of 2.44%. The business had revenue of $159.82 million during the quarter, compared to the consensus estimate of $162.73 million. During the same quarter in the prior year, the firm earned $1.81 EPS. The firm’s revenue was up 14.5% compared to the same quarter last year. On average, sell-side analysts expect that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Buying and Selling at SL Green Realty

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

Institutional Investors Weigh In On SL Green Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quent Capital LLC acquired a new stake in shares of SL Green Realty in the 3rd quarter valued at approximately $27,000. Salomon & Ludwin LLC acquired a new position in shares of SL Green Realty during the 3rd quarter valued at $29,000. Whittier Trust Co. acquired a new position in shares of SL Green Realty during the third quarter worth $29,000. Bessemer Group Inc. grew its stake in SL Green Realty by 67.8% during the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 253 shares in the last quarter. Finally, Triumph Capital Management bought a new stake in shares of SL Green Realty in the 3rd quarter worth about $45,000. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.