SL Green Realty (NYSE:SLG) Price Target Cut to $50.00 by Analysts at Piper Sandler

SL Green Realty (NYSE:SLG) had its price target decreased by equities researchers at Piper Sandler from $60.00 to $50.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s target price points to a potential upside of 35.96% from the company’s previous close.

Several other brokerages have also recently weighed in on SLG. BTIG Research decreased their price target on SL Green Realty from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, February 5th. Barclays reduced their target price on SL Green Realty from $54.00 to $43.00 and set an “equal weight” rating on the stock in a report on Thursday, February 26th. Mizuho set a $38.00 target price on shares of SL Green Realty and gave the company a “neutral” rating in a research report on Tuesday, February 24th. UBS Group set a $61.00 price target on shares of SL Green Realty in a report on Wednesday, January 14th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of SL Green Realty in a research report on Wednesday, January 21st. Eight equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, SL Green Realty currently has a consensus rating of “Hold” and an average price target of $51.45.

SL Green Realty Trading Down 0.4%

NYSE SLG traded down $0.17 on Wednesday, hitting $36.78. The company’s stock had a trading volume of 437,163 shares, compared to its average volume of 1,373,318. 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 has a 1-year low of $34.77 and a 1-year high of $66.91. The company’s 50-day moving average is $40.03 and its 200 day moving average is $46.96. The firm has a market cap of $2.62 billion, a PE ratio of -22.85 and a beta of 1.66.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, topping analysts’ consensus estimates 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 company 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 business earned $1.81 earnings per share. SL Green Realty’s revenue was up 14.5% compared to the same quarter last year. As a group, analysts predict that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds have recently added to or reduced their stakes in the business. Ethic Inc. boosted its holdings in shares of 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 worth $486,000 after buying an additional 193 shares during the last quarter. Integrity Alliance LLC. increased its holdings in SL Green Realty by 4.1% during the fourth quarter. Integrity Alliance LLC. now owns 5,970 shares of the real estate investment trust’s stock worth $274,000 after buying an additional 237 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in SL Green Realty by 5.1% during the third quarter. PNC Financial Services Group Inc. now owns 5,489 shares of the real estate investment trust’s stock worth $328,000 after buying an additional 267 shares during the last quarter. Probity Advisors Inc. boosted its stake in SL Green Realty by 2.8% in the fourth quarter. Probity Advisors Inc. now owns 10,040 shares of the real estate investment trust’s stock valued at $461,000 after acquiring an additional 269 shares during the last quarter. Finally, Arizona State Retirement System grew its position in shares of SL Green Realty by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 21,014 shares of the real estate investment trust’s stock valued at $1,257,000 after acquiring an additional 292 shares during the period. 89.96% of the stock is currently 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.