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

SL Green Realty (NYSE:SLG) had its target price cut by stock analysts at Citigroup from $70.00 to $55.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s price objective points to a potential upside of 29.61% from the stock’s current price.

Other analysts have also issued reports about the company. Mizuho lowered their target price on SL Green Realty from $67.00 to $47.00 and set a “neutral” rating for the company in a research note on Friday, December 12th. JPMorgan Chase & Co. decreased their price objective on shares of SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, January 14th. Evercore ISI set a $54.00 target price on shares of SL Green Realty and gave the stock an “outperform” rating in a research note on Monday, December 8th. Bank of America reduced their target price on shares of SL Green Realty from $64.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday, October 17th. Finally, BMO Capital Markets lowered their price target on shares of SL Green Realty from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 8th. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, SL Green Realty has a consensus rating of “Hold” and an average target price of $54.55.

SL Green Realty Stock Performance

NYSE SLG opened at $42.43 on Wednesday. SL Green Realty has a 1-year low of $40.26 and a 1-year high of $67.44. The company has a 50 day moving average of $45.73 and a 200-day moving average of $52.05. The company has a current ratio of 2.66, a quick ratio of 3.22 and a debt-to-equity ratio of 1.06. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of -26.36 and a beta of 1.63.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, topping the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The business had revenue of $159.82 million for the quarter, compared to the consensus estimate of $162.73 million. During the same period in the previous year, the business earned $1.81 EPS. SL Green Realty’s revenue was up 14.5% compared to the same quarter last year. On average, equities analysts forecast that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Andrew S. Levine sold 1,493 shares of the stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $45.27, for a total value of $67,588.11. Following the sale, the insider directly owned 7,045 shares in the company, valued at $318,927.15. This trade represents a 17.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Marc Holliday sold 22,223 shares of SL Green Realty stock in a transaction that occurred on Tuesday, December 23rd. The stock was 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 $430,591.20. The trade was a 69.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.04% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently bought and sold shares of SLG. Quent Capital LLC acquired a new position in shares of SL Green Realty in the 3rd quarter valued at $27,000. Salomon & Ludwin LLC bought a new position in SL Green Realty during the third quarter worth about $29,000. Whittier Trust Co. bought a new position in SL Green Realty during the third quarter worth about $29,000. Bessemer Group Inc. grew its stake in SL Green Realty by 67.8% in the second quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 253 shares during the period. Finally, Triumph Capital Management bought a new stake in shares of SL Green Realty in the third quarter worth about $45,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.