SL Green Realty (NYSE:SLG) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

SL Green Realty (NYSE:SLG) had its target price raised by analysts at JPMorgan Chase & Co. from $51.00 to $61.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 4.13% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. UBS Group set a $60.00 target price on shares of SL Green Realty in a research note on Monday, July 27th. Morgan Stanley set a $52.00 price target on SL Green Realty and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. Weiss Ratings raised SL Green Realty from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, May 28th. Wells Fargo & Company raised their price objective on SL Green Realty from $40.00 to $44.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Finally, Evercore lowered SL Green Realty from an “outperform” rating to an “in-line” rating and set a $56.00 target price for the company. in a research report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $56.20.

SL Green Realty Stock Up 2.0%

Shares of SLG opened at $58.58 on Tuesday. The firm has a market capitalization of $4.17 billion, a P/E ratio of -21.46, a P/E/G ratio of 2.52 and a beta of 1.58. SL Green Realty has a 12-month low of $34.77 and a 12-month high of $66.29. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05. The firm has a fifty day moving average price of $52.90 and a 200-day moving average price of $45.45.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Thursday, July 23rd. The real estate investment trust reported ($0.38) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.21. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The firm had revenue of $264.00 million for the quarter, compared to analysts’ expectations of $179.01 million. During the same period in the prior year, the business posted $1.63 earnings per share. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. Equities research analysts expect that SL Green Realty will post 5.44 earnings per share for the current year.

Insider Activity at SL Green Realty

In other news, insider Harrison Sitomer sold 23,113 shares of the company’s stock in a transaction on Friday, August 21st. The stock was 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 represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.94% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Levin Capital Strategies L.P. purchased a new position in shares of SL Green Realty in the 4th quarter valued at about $3,588,000. Hosking Partners LLP boosted its position in SL Green Realty by 18.5% during the fourth quarter. Hosking Partners LLP now owns 290,166 shares of the real estate investment trust’s stock worth $13,310,000 after purchasing an additional 45,337 shares in the last quarter. Royal Bank of Canada boosted its position in SL Green Realty by 903.3% during the first quarter. Royal Bank of Canada now owns 142,614 shares of the real estate investment trust’s stock worth $5,268,000 after purchasing an additional 128,400 shares in the last quarter. Nan Fung Trinity HK Ltd. acquired a new stake in SL Green Realty in the fourth quarter valued at approximately $6,230,000. Finally, Clear Harbor Asset Management LLC acquired a new stake in SL Green Realty in the second quarter valued at approximately $2,043,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.