Wells Fargo & Company Forecasts Strong Price Appreciation for SL Green Realty (NYSE:SLG) Stock

SL Green Realty (NYSE:SLG) had its target price lifted by analysts at Wells Fargo & Company from $40.00 to $44.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would suggest a potential downside of 2.38% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. upped their price objective on SL Green Realty from $49.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 5th. The Goldman Sachs Group set a $37.00 price objective on SL Green Realty and gave the stock a “sell” rating in a research note on Friday, February 6th. Piper Sandler decreased their price objective on SL Green Realty from $60.00 to $50.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Zacks Research upgraded SL Green Realty from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 25th. Finally, Deutsche Bank Aktiengesellschaft upgraded SL Green Realty from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $45.00 to $44.00 in a research note on Wednesday, March 18th. Eight equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $50.70.

SL Green Realty Stock Down 0.7%

NYSE SLG traded down $0.33 during midday trading on Monday, hitting $45.08. 192,021 shares of the company traded hands, compared to its average volume of 1,306,541. The company has a debt-to-equity ratio of 1.18, a current ratio of 3.03 and a quick ratio of 3.03. The company has a market cap of $3.22 billion, a PE ratio of -17.96 and a beta of 1.61. SL Green Realty has a 52 week low of $34.77 and a 52 week high of $66.91. The company’s 50-day simple moving average is $41.13 and its 200-day simple moving average is $42.81.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently made changes to their positions in SLG. AQR Capital Management LLC lifted its position in shares of SL Green Realty by 74.8% in the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock valued at $1,519,000 after acquiring an additional 11,506 shares in the last quarter. United Services Automobile Association purchased a new position in shares of SL Green Realty in the first quarter valued at approximately $253,000. Empowered Funds LLC lifted its position in shares of SL Green Realty by 10.9% in the first quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock valued at $425,000 after acquiring an additional 722 shares in the last quarter. Creative Planning purchased a new position in shares of SL Green Realty in the second quarter valued at approximately $421,000. Finally, California Public Employees Retirement System lifted its position in shares of SL Green Realty by 4.6% in the second quarter. California Public Employees Retirement System now owns 131,528 shares of the real estate investment trust’s stock valued at $8,142,000 after acquiring an additional 5,789 shares in the last quarter. Hedge funds and other 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.