SL Green Realty (NYSE:SLG) Given New $61.00 Price Target at JPMorgan Chase & Co.

SL Green Realty (NYSE:SLG) had its price target increased by equities research analysts at JPMorgan Chase & Co. from $51.00 to $61.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 4.13% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Wall Street Zen lowered SL Green Realty from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Piper Sandler set a $79.00 price target on SL Green Realty and gave the stock an “overweight” rating in a research note on Friday, July 24th. Morgan Stanley set a $52.00 price target on SL Green Realty and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. Weiss Ratings raised SL Green Realty from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, May 28th. Finally, UBS Group set a $60.00 price objective on SL Green Realty in a report on Monday, July 27th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $56.20.

SL Green Realty Stock Up 2.0%

Shares of NYSE SLG opened at $58.58 on Tuesday. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of -21.46, a price-to-earnings-growth ratio of 2.52 and a beta of 1.58. The company’s 50-day simple moving average is $52.90 and its 200-day simple moving average is $45.45. The company has a quick ratio of 3.10, a current ratio of 3.10 and a debt-to-equity ratio of 1.05. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $66.29.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.21. The firm had revenue of $264.00 million during the quarter, compared to the consensus estimate of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 EPS. Equities analysts predict that SL Green Realty will post 5.44 EPS for the current fiscal year.

Insider Buying and Selling

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the business’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the transaction, the insider owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 5.94% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Levin Capital Strategies L.P. purchased a new stake in shares of SL Green Realty in the fourth quarter valued at about $3,588,000. Hosking Partners LLP raised its stake in SL Green Realty by 18.5% during the fourth quarter. Hosking Partners LLP now owns 290,166 shares of the real estate investment trust’s stock worth $13,310,000 after purchasing an additional 45,337 shares during the period. Royal Bank of Canada raised its stake in SL Green Realty by 903.3% during the first quarter. Royal Bank of Canada now owns 142,614 shares of the real estate investment trust’s stock worth $5,268,000 after purchasing an additional 128,400 shares during the period. Nan Fung Trinity HK Ltd. acquired a new position in SL Green Realty in the 4th quarter valued at about $6,230,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of SL Green Realty in the 2nd quarter valued at approximately $2,043,000. 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.