Scotiabank Cuts SL Green Realty (NYSE:SLG) Price Target to $51.00

SL Green Realty (NYSE:SLG) had its price target reduced by Scotiabank from $61.00 to $51.00 in a report released on Monday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the real estate investment trust’s stock.

Several other research firms also recently commented on SLG. Truist Financial set a $44.00 target price on SL Green Realty in a research report on Tuesday, February 3rd. UBS Group set a $61.00 price target on SL Green Realty in a report on Wednesday, January 14th. Citigroup reduced their price target on SL Green Realty from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, February 4th. Piper Sandler lowered their price objective on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, January 5th. Finally, Raymond James Financial set a $44.00 target price on SL Green Realty in a report on Tuesday, February 3rd. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $52.80.

SL Green Realty Stock Up 5.0%

Shares of SLG stock opened at $41.00 on Monday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.66 and a current ratio of 2.66. The firm’s 50-day moving average is $43.74 and its 200-day moving average is $49.73. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of -25.47 and a beta of 1.66. SL Green Realty has a 52-week low of $35.03 and a 52-week high of $66.91.

SL Green Realty (NYSE:SLG) last posted 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 return on equity of 2.44% and a negative net margin of 9.66%.The business had revenue of $159.82 million during the quarter, compared to analysts’ expectations of $162.73 million. During the same quarter last year, the company posted $1.81 earnings per share. SL Green Realty’s quarterly revenue was up 14.5% on a year-over-year basis. Sell-side analysts predict that SL Green Realty will post 5.43 EPS for the current 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 stock was 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 owned 9,698 shares of the company’s stock, valued at $430,591.20. The trade was a 69.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew S. Levine sold 1,493 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $45.27, for a total transaction of $67,588.11. Following 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quent Capital LLC acquired a new stake in shares of SL Green Realty during the 3rd quarter worth approximately $27,000. Salomon & Ludwin LLC acquired a new stake in shares of SL Green Realty in the 3rd quarter valued at $29,000. Whittier Trust Co. bought a new position in shares of SL Green Realty in the 3rd quarter valued at $29,000. Bessemer Group Inc. raised its holdings in shares of SL Green Realty by 67.8% during the 2nd quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 253 shares in the last quarter. Finally, Triumph Capital Management bought a new stake in shares of SL Green Realty during the 3rd quarter worth $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.