Morgan Stanley Trims SL Green Realty (NYSE:SLG) Target Price to $38.00

SL Green Realty (NYSE:SLGGet Rating) had its target price dropped by equities research analysts at Morgan Stanley from $44.00 to $38.00 in a research note issued to investors on Wednesday, The Fly reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price objective suggests a potential downside of 6.82% from the company’s previous close.

SLG has been the topic of several other reports. BMO Capital Markets upgraded shares of SL Green Realty from a “market perform” rating to an “outperform” rating and decreased their target price for the stock from $60.00 to $56.00 in a research report on Thursday, September 8th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of SL Green Realty from $57.00 to $46.00 and set a “buy” rating on the stock in a research report on Thursday, October 13th. TheStreet lowered shares of SL Green Realty from a “c” rating to a “d+” rating in a research report on Thursday, October 20th. Mizuho decreased their target price on shares of SL Green Realty from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 19th. Finally, Evercore ISI decreased their target price on shares of SL Green Realty from $54.00 to $51.00 and set an “in-line” rating on the stock in a research report on Tuesday, September 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $55.85.

SL Green Realty Price Performance

NYSE:SLG opened at $40.78 on Wednesday. The firm’s fifty day moving average price is $39.95 and its 200 day moving average price is $47.23. SL Green Realty has a 1-year low of $35.77 and a 1-year high of $83.96. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 1.19.

SL Green Realty (NYSE:SLGGet Rating) last posted its quarterly earnings data on Thursday, October 20th. The real estate investment trust reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.03. SL Green Realty had a negative net margin of 8.17% and a negative return on equity of 1.34%. The firm had revenue of $162.95 million for the quarter, compared to analyst estimates of $158.30 million. During the same period last year, the firm posted $1.83 EPS. SL Green Realty’s quarterly revenue was up 4.9% on a year-over-year basis. Sell-side analysts anticipate that SL Green Realty will post 6.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. California Public Employees Retirement System increased its stake in shares of SL Green Realty by 1.0% during the 1st quarter. California Public Employees Retirement System now owns 148,847 shares of the real estate investment trust’s stock valued at $12,083,000 after acquiring an additional 1,420 shares during the last quarter. M&T Bank Corp increased its stake in shares of SL Green Realty by 1,935.0% during the 2nd quarter. M&T Bank Corp now owns 7,204 shares of the real estate investment trust’s stock valued at $315,000 after acquiring an additional 6,850 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of SL Green Realty during the 2nd quarter valued at about $4,747,000. Retirement Systems of Alabama increased its stake in shares of SL Green Realty by 0.4% during the 2nd quarter. Retirement Systems of Alabama now owns 84,473 shares of the real estate investment trust’s stock valued at $3,898,000 after acquiring an additional 359 shares during the last quarter. Finally, Intersect Capital LLC increased its stake in shares of SL Green Realty by 56.5% during the 1st quarter. Intersect Capital LLC now owns 13,640 shares of the real estate investment trust’s stock valued at $1,107,000 after acquiring an additional 4,923 shares during the last quarter. Institutional investors and hedge funds own 89.19% of the company’s stock.

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, 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.

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