Piper Sandler Has Lowered Expectations for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its price target dropped by research analysts at Piper Sandler from $62.00 to $60.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s price target would indicate a potential upside of 25.84% from the company’s current price.

Several other analysts also recently commented on SLG. Evercore ISI set a $54.00 price objective on shares of SL Green Realty and gave the company an “outperform” rating in a report on Monday, December 8th. Jefferies Financial Group raised shares of SL Green Realty from a “neutral” rating to a “buy” rating and upped their price target for the company from $57.00 to $63.00 in a report on Monday, October 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $46.00 price target (down from $60.00) on shares of SL Green Realty in a research report on Tuesday, December 9th. Weiss Ratings reissued a “sell (d+)” rating on shares of SL Green Realty in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and set a $42.00 target price (down from $48.00) on shares of SL Green Realty in a report on Tuesday, December 23rd. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and a consensus price target of $56.89.

SL Green Realty Stock Performance

SLG traded up $0.72 on Monday, reaching $47.68. 495,194 shares of the stock were exchanged, compared to its average volume of 808,188. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.22 and a quick ratio of 3.22. The company’s 50-day moving average price is $46.83 and its 200 day moving average price is $54.59. The firm has a market capitalization of $3.40 billion, a PE ratio of 4,776.28 and a beta of 1.60. SL Green Realty has a fifty-two week low of $40.26 and a fifty-two week high of $68.14.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.24. The firm had revenue of $244.82 million during the quarter, compared to analysts’ expectations of $170.27 million. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the business posted $1.26 earnings per share. As a group, sell-side analysts forecast that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Marc Holliday sold 22,223 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total transaction of $986,701.20. Following the transaction, the chief executive officer directly owned 9,698 shares in the company, valued at approximately $430,591.20. The trade was a 69.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew S. Levine sold 1,493 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.27, for a total transaction of $67,588.11. Following the completion of the sale, the insider owned 7,045 shares of the company’s stock, valued at approximately $318,927.15. The trade was a 17.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 5.04% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of large investors have recently made changes to their positions in the stock. Ethic Inc. lifted its position in SL Green Realty by 2.4% during the third 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 in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of SL Green Realty by 0.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 33,200 shares of the real estate investment trust’s stock worth $2,055,000 after acquiring an additional 200 shares during the period. MAI Capital Management raised its holdings in shares of SL Green Realty by 25.9% during the 2nd quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock worth $61,000 after acquiring an additional 203 shares during the period. Amalgamated Bank grew its holdings in shares of SL Green Realty by 1.2% in the second quarter. Amalgamated Bank now owns 20,245 shares of the real estate investment trust’s stock valued at $1,253,000 after purchasing an additional 235 shares during the period. Finally, Nissay Asset Management Corp Japan ADV raised its stake in SL Green Realty by 2.5% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 10,257 shares of the real estate investment trust’s stock worth $592,000 after purchasing an additional 247 shares during the period. 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.