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

SL Green Realty (NYSE:SLG) had its price target reduced by investment analysts at Piper Sandler from $62.00 to $60.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s price objective would indicate a potential upside of 23.59% from the stock’s previous close.

A number of other equities analysts also recently commented on SLG. Citigroup upgraded shares of SL Green Realty from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $65.00 to $70.00 in a research note on Friday, September 12th. Wells Fargo & Company dropped their target price on SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 27th. Deutsche Bank Aktiengesellschaft reissued 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. Scotiabank set a $66.00 price target on SL Green Realty and gave the stock a “sector outperform” rating in a research report on Friday, October 24th. Finally, Truist Financial set a $47.00 price objective on SL Green Realty and gave the stock a “hold” rating in a research note on Monday, December 8th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and a consensus price target of $56.83.

SL Green Realty Trading Up 2.4%

NYSE SLG opened at $48.55 on Monday. SL Green Realty has a 52 week low of $40.26 and a 52 week high of $68.14. The company has a debt-to-equity ratio of 1.03, a quick ratio of 3.22 and a current ratio of 3.22. The stock’s 50 day moving average price is $46.63 and its two-hundred day moving average price is $54.35. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of 4,859.66 and a beta of 1.60.

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

Insider Transactions at SL Green Realty

In other news, insider Andrew S. Levine sold 1,493 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was 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 in the company, valued at $318,927.15. The trade was a 17.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Marc Holliday sold 22,223 shares of the company’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were 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 directly owned 9,698 shares in the company, valued at $430,591.20. The trade was a 69.62% decrease in their position. The SEC filing for this sale provides additional information. 5.04% of the stock is currently owned by corporate insiders.

Institutional Trading of SL Green Realty

Institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its position in SL Green Realty by 74.8% during the 1st quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock worth $1,519,000 after buying an additional 11,506 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of SL Green Realty by 22.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,106 shares of the real estate investment trust’s stock valued at $4,507,000 after acquiring an additional 14,225 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its position 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 acquiring an additional 247 shares during the period. Goldman Sachs Group Inc. increased its position in SL Green Realty by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust’s stock worth $97,851,000 after acquiring an additional 130,206 shares during the period. Finally, Caxton Associates LLP acquired a new stake in SL Green Realty in the 1st quarter worth about $475,000. 89.96% of the stock is currently owned by institutional investors.

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.