Scotiabank Forecasts Strong Price Appreciation for SL Green Realty (NYSE:SLG) Stock

SL Green Realty (NYSE:SLG) had its price objective lifted by Scotiabank from $53.00 to $56.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price target would suggest a potential upside of 10.24% from the company’s current price.

A number of other analysts have also recently issued reports on SLG. Barclays set a $52.00 price objective on SL Green Realty and gave the company an “equal weight” rating in a research report on Tuesday. UBS Group set a $56.00 price objective on shares of SL Green Realty in a report on Monday, July 6th. Morgan Stanley lowered their target price on shares of SL Green Realty from $43.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Citigroup dropped their price target on shares of SL Green Realty from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, March 24th. Finally, JPMorgan Chase & Co. raised their price target on shares of SL Green Realty from $49.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 5th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $52.50.

SL Green Realty Price Performance

SL Green Realty stock remained flat at $50.80 during trading hours on Tuesday. The company’s stock had a trading volume of 380,928 shares, compared to its average volume of 1,266,441. The company’s fifty day simple moving average is $48.17 and its 200-day simple moving average is $43.96. The company has a debt-to-equity ratio of 1.18, a quick ratio of 3.03 and a current ratio of 3.03. SL Green Realty has a 12-month low of $34.77 and a 12-month high of $66.29. The stock has a market cap of $3.63 billion, a P/E ratio of -20.26 and a beta of 1.58.

Institutional Trading of SL Green Realty

Large investors have recently added to or reduced their stakes in the company. Integrity Alliance LLC. increased its stake in SL Green Realty by 4.1% during the 4th quarter. Integrity Alliance LLC. now owns 5,970 shares of the real estate investment trust’s stock worth $274,000 after purchasing an additional 237 shares in the last quarter. Probity Advisors Inc. increased its position in shares of SL Green Realty by 2.8% during the fourth quarter. Probity Advisors Inc. now owns 10,040 shares of the real estate investment trust’s stock worth $461,000 after acquiring an additional 269 shares in the last quarter. Empowered Funds LLC increased its position in shares of SL Green Realty by 6.2% during the fourth quarter. Empowered Funds LLC now owns 6,220 shares of the real estate investment trust’s stock worth $285,000 after acquiring an additional 361 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in shares of SL Green Realty by 30.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,613 shares of the real estate investment trust’s stock worth $74,000 after acquiring an additional 378 shares during the period. Finally, Telos Capital Management Inc. lifted its position in SL Green Realty by 3.6% in the 4th quarter. Telos Capital Management Inc. now owns 11,277 shares of the real estate investment trust’s stock valued at $517,000 after acquiring an additional 396 shares in the last quarter. 89.96% of the stock is owned by institutional investors.

SL Green Realty Company Profile

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.