SL Green Realty (NYSE:SLG) Price Target Cut to $43.00 by Analysts at Barclays

SL Green Realty (NYSE:SLG) had its price objective lowered by Barclays from $54.00 to $43.00 in a research report report published on Thursday morning,Benzinga reports. Barclays currently has an equal weight rating on the real estate investment trust’s stock.

Other research analysts have also recently issued reports about the stock. Truist Financial set a $44.00 price objective on shares of SL Green Realty in a report on Tuesday, February 3rd. Morgan Stanley set a $43.00 price target on SL Green Realty in a report on Thursday, January 29th. Piper Sandler dropped their price target on SL Green Realty from $62.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, January 5th. Mizuho set a $38.00 price objective on SL Green Realty and gave the company a “neutral” rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft set a $45.00 target price on SL Green Realty in a report on Tuesday, January 6th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $53.30.

SL Green Realty Stock Up 4.2%

SLG stock opened at $39.38 on Thursday. The stock has a market capitalization of $2.81 billion, a P/E ratio of -24.46 and a beta of 1.63. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.66 and a quick ratio of 2.66. SL Green Realty has a 1-year low of $36.12 and a 1-year high of $66.91. The business has a fifty day moving average price of $44.24 and a 200-day moving average price of $50.19.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, topping 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 the consensus estimate of $162.73 million. During the same period last year, the company earned $1.81 EPS. SL Green Realty’s revenue for the quarter was up 14.5% on a year-over-year basis. Equities analysts forecast that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Andrew S. Levine sold 1,493 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $45.27, for a total value of $67,588.11. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Holliday sold 22,223 shares of SL Green Realty 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 transaction, the chief executive officer directly owned 9,698 shares in the company, valued at approximately $430,591.20. The trade was a 69.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quent Capital LLC bought a new position in shares of SL Green Realty in the third quarter worth approximately $27,000. Salomon & Ludwin LLC purchased a new position in shares of SL Green Realty during the 3rd quarter valued at $29,000. Whittier Trust Co. bought a new position in SL Green Realty in the 3rd quarter worth $29,000. Bessemer Group Inc. increased its stake in 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 in the last quarter. Finally, Triumph Capital Management bought a new stake in SL Green Realty during the third quarter valued at about $45,000. 89.96% of the stock is owned by hedge funds and other 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.