BTIG Research Lowers SL Green Realty (NYSE:SLG) Price Target to $70.00

SL Green Realty (NYSE:SLG) had its target price cut by equities research analysts at BTIG Research from $75.00 to $70.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. BTIG Research’s target price points to a potential upside of 64.74% from the stock’s current price.

SLG has been the subject of several other research reports. LADENBURG THALM/SH SH reduced their price target on shares of SL Green Realty from $60.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, December 18th. Barclays set a $54.00 target price on shares of SL Green Realty in a research report on Tuesday, January 13th. JPMorgan Chase & Co. decreased their price target on shares of SL Green Realty from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, January 14th. Zacks Research downgraded SL Green Realty from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 13th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a report on Wednesday, January 21st. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and a consensus target price of $54.55.

SL Green Realty Price Performance

SLG stock opened at $42.49 on Thursday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.22 and a current ratio of 2.66. The business has a 50-day simple moving average of $45.83 and a two-hundred day simple moving average of $52.12. The company has a market capitalization of $3.03 billion, a P/E ratio of -26.39 and a beta of 1.63. SL Green Realty has a 52-week low of $40.26 and a 52-week high of $67.44.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $159.82 million during the quarter, compared to analyst estimates of $162.73 million. During the same quarter in the prior year, the business posted $1.81 EPS. The business’s revenue was up 14.5% compared to the same quarter last year. Research analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insider Activity

In related news, 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Holliday sold 22,223 shares of the company’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total value of $986,701.20. Following the completion of the transaction, the chief executive officer owned 9,698 shares of the company’s stock, valued at $430,591.20. The trade was a 69.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 5.04% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. M&T Bank Corp bought a new position in SL Green Realty during the 4th quarter worth approximately $43,201,000. Norges Bank purchased a new stake in shares of SL Green Realty during the second quarter valued at approximately $55,947,000. Prudential Financial Inc. grew its holdings in shares of SL Green Realty by 104.1% in the second quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust’s stock worth $100,439,000 after purchasing an additional 827,407 shares during the last quarter. Hudson Bay Capital Management LP grew its holdings in shares of SL Green Realty by 51.6% in the third quarter. Hudson Bay Capital Management LP now owns 1,460,373 shares of the real estate investment trust’s stock worth $87,345,000 after purchasing an additional 497,040 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its stake in shares of SL Green Realty by 663.4% in the second quarter. Balyasny Asset Management L.P. now owns 513,556 shares of the real estate investment trust’s stock worth $31,789,000 after buying an additional 446,283 shares during the period. 89.96% of the stock is owned by institutional investors.

About SL Green Realty

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.