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

SL Green Realty (NYSE:SLG) had its target price cut by stock analysts at Morgan Stanley from $43.00 to $36.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s target price suggests a potential downside of 2.22% from the stock’s previous close.

SLG has been the subject of several other reports. Evercore set a $54.00 price objective on shares of SL Green Realty and gave the company an “outperform” rating in a research report on Monday, December 8th. Raymond James Financial set a $44.00 price objective on SL Green Realty in a research report on Tuesday, February 3rd. Truist Financial set a $44.00 price target on shares of SL Green Realty in a report on Tuesday, February 3rd. Scotiabank set a $52.00 target price on SL Green Realty and gave the stock a “sector outperform” rating in a research note on Friday, March 13th. Finally, Deutsche Bank Aktiengesellschaft raised SL Green Realty from a “hold” rating to a “buy” rating and lowered their price target for the stock from $45.00 to $44.00 in a research report on Wednesday, March 18th. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $51.95.

SL Green Realty Stock Performance

SLG traded up $0.94 during trading on Tuesday, hitting $36.82. The company’s stock had a trading volume of 737,971 shares, compared to its average volume of 1,378,109. The business’s 50 day simple moving average is $40.23 and its 200-day simple moving average is $47.16. The firm has a market cap of $2.63 billion, a PE ratio of -22.85 and a beta of 1.66. SL Green Realty has a one year low of $34.77 and a one year high of $66.91. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 1.05.

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

Institutional Trading of SL Green Realty

A number of institutional investors and hedge funds have recently bought and sold shares of SLG. Quent Capital LLC acquired a new position in SL Green Realty during the 3rd quarter worth $27,000. Salomon & Ludwin LLC acquired a new position in SL Green Realty during the 3rd quarter worth approximately $29,000. Whittier Trust Co. acquired a new stake in SL Green Realty in the third quarter valued at $29,000. Triumph Capital Management acquired a new position in SL Green Realty during the third quarter worth about $45,000. Finally, Cornerstone Planning Group LLC increased its stake in SL Green Realty by 12,114.3% in the 3rd quarter. Cornerstone Planning Group LLC now owns 855 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 848 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other 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.