Bank of America raises its price target on SL Green Realty (NYSE:SLG) to $62.00

SL Green Realty (NYSE:SLG – Get Free Report) their price target was upped by equities researchers at Bank of America from $59.00 to $62.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Bank of America’s price target would indicate a potential downside of 6.71% from the company’s previous close.

SLG has been the subject of a number of other research reports. StockNews.com upgraded SL Green Realty to a “sell” rating in a research note on Friday, July 19th. Piper Sandler upped their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Scotiabank upped their target price on shares of SL Green Realty from $53.00 to $68.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. Barclays lifted their price objective on shares of SL Green Realty from $49.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Finally, Citigroup boosted their price target on SL Green Realty from $31.00 to $37.00 and gave the company a “sell” rating in a research report on Thursday, June 13th. Six equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $53.31, according to MarketBeat.com.

Get the latest stock analysis on SLG

SL Green Realty Stock Performance

Shares of SLG stock opened at $66.46 on Thursday. The stock has a market cap of $4.33 billion, a P/E ratio of -8.05, a P/E/G ratio of 2.03 and a beta of 1.83. The company has a fifty day moving average price of $60.58 and a two hundred day moving average price of $54.14. SL Green Realty has a one year low of $28.55 and a one year high of $68.92. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59, and a quick ratio of 2.59.

SL Green Realty (NYSE:SLG – Get Your Free Report ) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.09. The business had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. SL Green Realty’s revenue fell 9.4% year over year. In the same period last year, the business posted EPS of $1.43. As a group, equities analysts predict that SL Green Realty will post 7.58 EPS for the current year.

Institutional Trading of SL Green Realty

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of SL Green Realty in the 4th quarter valued at $18,664,000. Prospect Financial Services LLC bought a new position in shares of SL Green Realty in the fourth quarter valued at about $12,373,000. Kettle Hill Capital Management LLC bought a new position in shares of SL Green Realty in the fourth quarter valued at about $11,832,000. Russell Investments Group Ltd. raised its stake in shares of SL Green Realty by 24.7% in the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after buying an additional 158,268 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its position in SL Green Realty by 148.0% during the 4th quarter. Allianz Asset Management GmbH now owns 259,027 shares of the real estate investment trust’s stock worth $11,700,000 , after buying an additional 154,578 shares in the last quarter. Institutional investors own 89.96% of the company’s shares.

About SL Green Realty

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

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