Truist Financial Forecasts Strong Price Appreciation for SL Green Realty (NYSE:SLG) Stock

SL Green Realty (NYSE:SLG) had its target price upped by research analysts at Truist Financial from $54.00 to $58.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s price objective suggests a potential downside of 5.26% from the stock’s current price.

SLG has been the topic of several other research reports. Piper Sandler reduced their target price on shares of SL Green Realty from $90.00 to $72.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Wells Fargo & Company reduced their target price on shares of SL Green Realty from $69.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Monday, May 19th. Wall Street Zen downgraded shares of SL Green Realty from a “hold” rating to a “sell” rating in a research report on Saturday, May 24th. JPMorgan Chase & Co. reduced their price target on shares of SL Green Realty from $70.00 to $69.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 9th. Finally, Scotiabank set a $71.00 price target on shares of SL Green Realty and gave the stock a “sector perform” rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $65.60.

SL Green Realty Trading Down 0.1%

Shares of SLG traded down $0.08 during midday trading on Friday, hitting $61.22. The stock had a trading volume of 51,471 shares, compared to its average volume of 886,069. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 0.99. The firm has a market cap of $4.37 billion, a P/E ratio of -112.99 and a beta of 1.65. The business has a 50-day simple moving average of $60.99 and a two-hundred day simple moving average of $60.32. SL Green Realty has a fifty-two week low of $45.15 and a fifty-two week high of $82.81.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.26. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The firm had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $171.24 million. During the same period in the previous year, the company earned $2.05 earnings per share. The company’s revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts forecast that SL Green Realty will post 5.43 EPS for the current year.

Hedge Funds Weigh In On SL Green Realty

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in SL Green Realty by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust’s stock worth $641,238,000 after purchasing an additional 283,009 shares during the period. Geode Capital Management LLC increased its stake in SL Green Realty by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust’s stock worth $119,001,000 after purchasing an additional 110,594 shares during the period. Goldman Sachs Group Inc. grew its position in shares of SL Green Realty by 8.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust’s stock worth $97,851,000 after buying an additional 130,206 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of SL Green Realty by 3.0% in the 4th quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust’s stock worth $111,179,000 after buying an additional 46,988 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of SL Green Realty by 8.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,554,977 shares of the real estate investment trust’s stock worth $89,722,000 after buying an additional 126,969 shares during the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

About SL Green Realty

3SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet.