Piper Sandler Lowers SL Green Realty (NYSE:SLG) Price Target to $50.00

SL Green Realty (NYSE:SLG) had its price target cut by research analysts at Piper Sandler from $60.00 to $50.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s price target would indicate a potential upside of 35.96% from the company’s previous close.

Several other equities analysts have also recently commented on SLG. Scotiabank set a $52.00 price objective on shares of SL Green Realty and gave the company a “sector outperform” rating in a research note on Friday, March 13th. Deutsche Bank Aktiengesellschaft raised shares of SL Green Realty from a “hold” rating to a “buy” rating and cut their price target for the company from $45.00 to $44.00 in a report on Wednesday, March 18th. Morgan Stanley decreased their price target on shares of SL Green Realty from $43.00 to $36.00 and set an “equal weight” rating on the stock in a report on Tuesday. Mizuho set a $38.00 price objective on SL Green Realty and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Finally, Barclays dropped their price objective on SL Green Realty from $54.00 to $43.00 and set an “equal weight” rating for the company in a research note on Thursday, February 26th. Eight 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 MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and an average target price of $51.45.

SL Green Realty Stock Performance

SLG traded down $0.17 on Wednesday, hitting $36.78. The company’s stock had a trading volume of 437,163 shares, compared to its average volume of 1,373,318. SL Green Realty has a 12 month low of $34.77 and a 12 month high of $66.91. The firm has a market cap of $2.62 billion, a P/E ratio of -22.85 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. The company’s 50 day simple moving average is $40.03 and its 200-day simple moving average is $46.96.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The company had revenue of $159.82 million during the quarter, compared to analysts’ expectations of $162.73 million. During the same period in the previous year, the business earned $1.81 earnings per share. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. Analysts forecast that SL Green Realty will post 5.43 EPS for the current year.

Institutional Trading of SL Green Realty

Hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC boosted its holdings in shares of SL Green Realty by 17.0% in the 4th quarter. Hsbc Holdings PLC now owns 131,367 shares of the real estate investment trust’s stock worth $6,030,000 after purchasing an additional 19,052 shares in the last quarter. Invesco Ltd. boosted its stake in shares of SL Green Realty by 83.0% in the 4th quarter. Invesco Ltd. now owns 310,982 shares of the real estate investment trust’s stock valued at $14,265,000 after purchasing an additional 141,060 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its position in SL Green Realty by 11.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 9,595 shares of the real estate investment trust’s stock worth $440,000 after purchasing an additional 976 shares during the period. Empowered Funds LLC lifted its stake in SL Green Realty by 6.2% in the fourth quarter. Empowered Funds LLC now owns 6,220 shares of the real estate investment trust’s stock worth $285,000 after purchasing an additional 361 shares during the last quarter. Finally, Adelante Capital Management LLC bought a new stake in SL Green Realty in the fourth quarter worth $4,441,000. 89.96% of the stock is owned by institutional investors.

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.