SL Green Realty (NYSE:SLG) Stock Price Target Cut by Truist Financial

SL Green Realty (NYSE:SLG) had its price objective cut by Truist Financial from $57.00 to $48.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. Truist Financial‘s price target points to a potential downside of 4.75% from the company’s current price.

Several other research analysts also recently commented on SLG. Zacks Research downgraded shares of SL Green Realty from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 21st. Citigroup reaffirmed a “buy” rating and issued a $60.00 price objective (up from $45.00) on shares of SL Green Realty in a research note on Friday, July 24th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of SL Green Realty in a report on Tuesday, August 25th. Barclays increased their target price on SL Green Realty from $52.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 8th. Finally, Mizuho set a $53.00 target price on shares of SL Green Realty in a report on Tuesday, September 8th. Six 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 company’s stock. According to MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and an average price target of $54.50.

SL Green Realty Stock Performance

Shares of SL Green Realty stock traded down $0.01 during trading on Tuesday, hitting $50.40. 247,073 shares of the company’s stock traded hands, compared to its average volume of 1,156,558. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.92 and a quick ratio of 3.10. The stock has a market capitalization of $3.59 billion, a P/E ratio of -24.49, a PEG ratio of 4.06 and a beta of 1.66. The business has a 50-day simple moving average of $52.06 and a 200-day simple moving average of $46.82. SL Green Realty has a 1 year low of $34.77 and a 1 year high of $60.09.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, October 21st. The real estate investment trust reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $1.26. The business had revenue of $165.55 million for the quarter, compared to analysts’ expectations of $176.97 million. SL Green Realty had a negative return on equity of 3.18% and a negative net margin of 12.03%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $1.58 earnings per share. As a group, analysts forecast that SL Green Realty will post 5.72 EPS for the current year.

Insider Buying and Selling

In other news, insider Harrison Sitomer sold 23,113 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $57.71, for a total transaction of $1,333,851.23. Following the transaction, the insider directly owned 109,468 shares of the company’s stock, valued at approximately $6,317,398.28. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.94% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP boosted its position in SL Green Realty by 24.3% during the 2nd quarter. Allworth Financial LP now owns 2,554 shares of the real estate investment trust’s stock worth $132,000 after purchasing an additional 499 shares during the period. Integrated Wealth Concepts LLC purchased a new position in SL Green Realty in the second quarter valued at about $33,000. Glenmede Trust Co. NA lifted its stake in shares of SL Green Realty by 3.8% during the first quarter. Glenmede Trust Co. NA now owns 17,370 shares of the real estate investment trust’s stock worth $642,000 after purchasing an additional 639 shares in the last quarter. Probity Advisors Inc. lifted its stake in shares of SL Green Realty by 6.1% during the third quarter. Probity Advisors Inc. now owns 11,546 shares of the real estate investment trust’s stock worth $565,000 after purchasing an additional 665 shares in the last quarter. Finally, Carson Advisory Inc. lifted its stake in shares of SL Green Realty by 3.3% during the first quarter. Carson Advisory Inc. now owns 22,213 shares of the real estate investment trust’s stock worth $821,000 after purchasing an additional 700 shares in the last quarter. Institutional investors own 89.96% of the company’s stock.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and redeveloping commercial properties in Manhattan. The company is one of New York City’s prominent office landlords, with a portfolio concentrated in high-quality office buildings and related retail assets.

Its activities include leasing office and retail space, property management, redevelopment and development projects, and providing amenities and services designed to support tenants.