Wells Fargo & Company Issues Pessimistic Forecast for SL Green Realty (NYSE:SLG) Stock Price

SL Green Realty (NYSE:SLG) had its price objective cut by analysts at Wells Fargo & Company from $76.00 to $69.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 5.00% from the stock’s current price.

A number of other research firms have also recently commented on SLG. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $51.00 to $80.00 in a research note on Tuesday, December 10th. Evercore ISI raised their price objective on shares of SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. Scotiabank upped their target price on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a report on Tuesday, December 10th. Compass Point raised their price target on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Finally, Barclays dropped their price objective on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 28th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $71.07.

SL Green Realty Trading Down 0.2 %

Shares of SL Green Realty stock opened at $65.72 on Monday. SL Green Realty has a 1-year low of $41.88 and a 1-year high of $82.81. The company’s fifty day simple moving average is $69.23 and its 200-day simple moving average is $69.49. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.21 and a quick ratio of 2.58. The stock has a market capitalization of $4.33 billion, a PE ratio of 821.44, a P/E/G ratio of 5.54 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. As a group, equities analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Activity

In other news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the transaction, the director now owns 2,052 shares in the company, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.08% of the company’s stock.

Institutional Trading of SL Green Realty

A number of institutional investors have recently bought and sold shares of the stock. Illinois Municipal Retirement Fund lifted its stake in SL Green Realty by 18.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 39,637 shares of the real estate investment trust’s stock worth $2,692,000 after purchasing an additional 6,214 shares during the last quarter. Amalgamated Bank lifted its stake in shares of SL Green Realty by 7.3% during the 4th quarter. Amalgamated Bank now owns 20,471 shares of the real estate investment trust’s stock worth $1,390,000 after acquiring an additional 1,395 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in SL Green Realty in the 4th quarter valued at $984,000. Allianz Asset Management GmbH increased its stake in SL Green Realty by 1.8% in the fourth quarter. Allianz Asset Management GmbH now owns 534,159 shares of the real estate investment trust’s stock worth $36,280,000 after purchasing an additional 9,299 shares during the period. Finally, Wolverine Asset Management LLC bought a new stake in shares of SL Green Realty during the fourth quarter worth $337,000. 89.96% of the stock is currently owned by institutional investors.

SL Green Realty Company Profile

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