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

SL Green Realty (NYSE:SLG) had its price objective cut by stock analysts at Citigroup from $55.00 to $45.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Citigroup’s target price would suggest a potential upside of 20.60% from the stock’s previous close.

SLG has been the subject of a number of other research reports. LADENBURG THALM/SH SH reduced their price objective on SL Green Realty from $60.00 to $50.00 and set a “neutral” rating for the company in a research note on Thursday, December 18th. Mizuho set a $38.00 target price on SL Green Realty and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. Evercore set a $54.00 price target on shares of SL Green Realty and gave the stock an “outperform” rating in a report on Monday, December 8th. Deutsche Bank Aktiengesellschaft upgraded shares of SL Green Realty from a “hold” rating to a “buy” rating and reduced their price target for the company from $45.00 to $44.00 in a research report on Wednesday, March 18th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of SL Green Realty in a report on Wednesday, January 21st. Eight analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $52.30.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $37.31 on Tuesday. SL Green Realty has a twelve month low of $35.03 and a twelve month high of $66.91. The stock’s 50 day moving average price is $40.99 and its 200-day moving average price is $47.78. The company has a market capitalization of $2.66 billion, a PE ratio of -23.18 and a beta of 1.66. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 1.05.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.03. The company had revenue of $159.82 million during the quarter, compared to analyst estimates of $162.73 million. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.SL Green Realty’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.81 earnings per share. On average, equities analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Ethic Inc. grew its stake in shares of SL Green Realty by 2.4% during the 3rd quarter. Ethic Inc. now owns 8,132 shares of the real estate investment trust’s stock worth $486,000 after acquiring an additional 193 shares during the period. MAI Capital Management raised its stake in SL Green Realty by 25.9% in the 2nd quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 203 shares during the period. Integrity Alliance LLC. raised its stake in SL Green Realty by 4.1% in the 4th quarter. Integrity Alliance LLC. now owns 5,970 shares of the real estate investment trust’s stock valued at $274,000 after acquiring an additional 237 shares during the period. PNC Financial Services Group Inc. lifted its holdings in SL Green Realty by 5.1% during the third quarter. PNC Financial Services Group Inc. now owns 5,489 shares of the real estate investment trust’s stock valued at $328,000 after purchasing an additional 267 shares during the last quarter. Finally, Probity Advisors Inc. lifted its holdings in SL Green Realty by 2.8% during the fourth quarter. Probity Advisors Inc. now owns 10,040 shares of the real estate investment trust’s stock valued at $461,000 after purchasing an additional 269 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.