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

SL Green Realty (NYSE:SLG) had its price target lowered by investment analysts at Scotiabank from $66.00 to $61.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price target points to a potential upside of 27.19% from the stock’s current price.

Several other research firms have also recently weighed in on SLG. Truist Financial set a $47.00 price objective on shares of SL Green Realty and gave the company a “hold” rating in a research report on Monday, December 8th. UBS Group set a $61.00 price target on shares of SL Green Realty in a research report on Wednesday. Wells Fargo & Company decreased their price objective on shares of SL Green Realty from $58.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 27th. Weiss Ratings reiterated a “sell (d+)” rating on shares of SL Green Realty in a report on Wednesday, October 8th. Finally, BMO Capital Markets decreased 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. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, SL Green Realty has a consensus rating of “Hold” and a consensus target price of $55.94.

SL Green Realty Price Performance

NYSE:SLG traded down $0.80 during mid-day trading on Wednesday, hitting $47.96. The company’s stock had a trading volume of 534,786 shares, compared to its average volume of 1,083,977. SL Green Realty has a fifty-two week low of $40.26 and a fifty-two week high of $68.14. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 4,800.80 and a beta of 1.60. The stock has a fifty day moving average of $46.40 and a 200-day moving average of $53.91. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.03.

SL Green Realty (NYSE:SLG) last posted its earnings results on Thursday, October 16th. The real estate investment trust reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.24. The business had revenue of $244.82 million for 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%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.26 EPS. As a group, equities analysts forecast that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insider Activity

In other news, CEO Marc Holliday sold 22,223 shares of the stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $44.40, for a total value of $986,701.20. Following the sale, the chief executive officer directly owned 9,698 shares of the company’s stock, valued at approximately $430,591.20. This represents a 69.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew S. Levine sold 1,493 shares of the company’s stock in a transaction 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 transaction, the insider directly owned 7,045 shares in the company, valued at approximately $318,927.15. The trade was a 17.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently made changes to their positions in the business. Ethic Inc. lifted its position in SL Green Realty by 2.4% during the third quarter. Ethic Inc. now owns 8,132 shares of the real estate investment trust’s stock valued at $486,000 after purchasing an additional 193 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of SL Green Realty by 0.6% during the second quarter. Louisiana State Employees Retirement System now owns 33,200 shares of the real estate investment trust’s stock valued at $2,055,000 after acquiring an additional 200 shares in the last quarter. MAI Capital Management raised its position in SL Green Realty by 25.9% during the 2nd quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock valued at $61,000 after purchasing an additional 203 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of SL Green Realty by 1.2% in the 2nd quarter. Amalgamated Bank now owns 20,245 shares of the real estate investment trust’s stock worth $1,253,000 after buying an additional 235 shares during the period. Finally, Bessemer Group Inc. lifted its holdings 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 period. 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.