Wells Fargo & Company Lowers SL Green Realty (NYSE:SLG) Price Target to $26.00. 2023
Wells Fargo & Company cut their price target on SL Green Realty (NYSE:SLG – Get Rating) from $36.00 to $26.00 in a research note released to investors on Thursday, Benzinga reports. The company now assigns the stock of the real estate investment trust a “equal weight” rating. The price objective for Wells Fargo & Company suggests a possible upside of 10.31% from the company’s present price.
Several more research analysts have recently commented on SLG. In a research report dated Wednesday, December 7th, Barclays decreased their price objective on shares of SL Green Realty from $80.00 to $45.00 and assigned the stock a “overweight” rating. In a research report dated Tuesday, December 6th, Scotiabank downgraded shares of SL Green Realty from a “sector perform” rating to a “underperform” rating and decreased their price target for the company from $43.00 to $34.00. In a research note dated February 8th, Citigroup increased their price target on shares of SL Green Realty from $30.00 to $35.00 and assigned the company a “sell” rating. Tuesday, December 6th, BMO Capital Markets downgraded shares of SL Green Realty from a “outperform” rating to a “market perform” rating and decreased their price target for the company from $47.00 to $41.00. On Thursday, StockNews.com initiated coverage on shares of SL Green Realty in a research note. The rating for the firm is “sell.” Three research analysts have given a sell recommendation to the stock, ten have assigned a hold rating, and three have assigned a buy rating. The company presently has an average rating of “Hold” and an average price target of $46.31, according to data from MarketBeat.
SL Green Property Investment Down 10.3%
Shares of SLG began on Thursday at $23.57, a decrease of 10.3%. The firm’s 50-day and 200-day moving average prices are $36.16 and $38.29, respectively. The twelve month low for SL Green Realty is $23.15 and the twelve month high is $83.96. The firm has a $1.52 billion market capitalization, a price-to-earnings ratio of -15.82, and a beta of 1.52. Current ratio is 2.64, quick ratio is 2.64, and debt-to-equity ratio is 1.20 for this organization.
SL Green Realty (NYSE:SLG – Get Rating)
Its most recent earnings report on January 25. The real estate investment trust announced quarterly earnings of ($1.01) per share, ($2.49) below the average forecast of $1.48 per share. SL Green Realty’s net margin was negative at 9.44%, while its return on equity was negative at 1.6%. The company’s quarterly sales was $197.29 million, compared to analysts’ projections of $194.74 million. During the same time last year, the company generated $1.52 in earnings per share. The company’s quarterly sales increased by 31.4% compared to the same period previous year. For the current fiscal year, analysts anticipate that SL Green Realty will report earnings per share of $5.48.
Bets Are Placed by Insiders
Craig M. Hatkoff, director of SL Green Realty, sold 9,000 shares of the business’s stock on Friday, March 3rd. At an average price of $34.31, the stock was sold for a total of $308,790.00. The director now owns 2,052 shares in the company, valued at approximately $70,404.12. This URL leads to a document filed with the SEC that details the transaction. 5.21 percent of the stock is held by insiders.
Hedge Funds Weigh In On SL Green Realty
A number of institutional investors and hedge funds have purchased and sold SLG shares in recent months. In the third quarter, Marshall Wace LLP increased its shares of SL Green Realty by 455.8%. Marshall Wace LLP now holds 1,305,879 shares of the REIT’s stock valued at $52,444,000 after purchasing an additional 1,070,944 shares during the period. In the fourth quarter, Norges Bank acquired a new holding in SL Green Realty for roughly $24,417,000. In the third quarter, DAVENPORT & Co LLC increased its shares of SL Green Realty by 53.2%. After acquiring an additional 674,516 shares during the quarter, DAVENPORT & Co LLC now holds a total of 1,941,644 shares of the REIT’s stock valued at $77,976,000. During the third quarter, PGGM Investments acquired a new stake in shares of SL Green Realty worth about $19,681,000. During the fourth quarter, Natixis acquired a new position in SL Green Realty shares valued at roughly $15,655,000. Institutional investors and hedge funds hold 82.00% of the company’s shares.
Regarding SL Green Realty (Get Rating)
The largest office landlord in Manhattan, 3SL Green Realty Corp., is a fully integrated real estate investment trust (REIT) whose primary concentration is on purchasing, operating, and optimizing the value of Manhattan commercial buildings. SL Green has stakes in 64 properties totalling 34.4 million square feet as of June 30, 2022.