JPMorgan Chase & Co. Issues Pessimistic Forecast for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $52.00 to $51.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 6.44% from the stock’s current price.

Several other brokerages have also issued reports on SLG. LADENBURG THALM/SH SH cut their target price on shares of SL Green Realty from $60.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, December 18th. Scotiabank set a $66.00 price target on SL Green Realty and gave the stock a “sector outperform” rating in a research note on Friday, October 24th. Piper Sandler reduced 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. Wells Fargo & Company decreased their price objective 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. Finally, Truist Financial set a $47.00 target price on SL Green Realty and gave the stock a “hold” rating in a research note on Monday, December 8th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and an average price target of $56.22.

SL Green Realty Price Performance

Shares of NYSE SLG traded down $0.85 during midday trading on Wednesday, hitting $47.92. 508,144 shares of the company’s stock were exchanged, compared to its average volume of 1,081,879. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.03. The business’s fifty day moving average price is $46.40 and its two-hundred day moving average price is $53.91. The company has a market cap of $3.42 billion, a price-to-earnings ratio of 4,794.59 and a beta of 1.60. SL Green Realty has a 12-month low of $40.26 and a 12-month high of $68.14.

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

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, insider Andrew S. Levine sold 1,493 shares of the firm’s stock in a transaction 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 owned 7,045 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the transaction, the chief executive officer 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. Corporate insiders own 5.04% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SLG. Quent Capital LLC purchased a new position in SL Green Realty during the 3rd quarter valued at about $27,000. Salomon & Ludwin LLC purchased a new position in shares of SL Green Realty during the third quarter valued at approximately $29,000. Whittier Trust Co. purchased a new position in shares of SL Green Realty during the third quarter valued at approximately $29,000. Bessemer Group Inc. grew its stake in shares of SL Green Realty by 67.8% in 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 during the last quarter. Finally, Triumph Capital Management bought a new position in SL Green Realty during the 3rd quarter valued at approximately $45,000. Institutional investors own 89.96% of the company’s stock.

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.