Stock Analysis:SL Green Realty Corp (NYSE:SLG) Stock Target Has Been Increased
In a recent report revealed to investors and clients by BMO Capital Markets on Tuesday morning, SL Green Realty Corp (NYSE:SLG) had its price target boosted to $140.00. The firm at present has a solid Outperform rating on shares.
From a total of 18 analysts covering SL Green Realty Corp. (NYSE:SLG) stock, 9 rate it a ”Buy”, 2 a “Sell”, and 10 a ”Hold”. This means that 43% of the ratings are positive. The highest target price is $142 while the lowest target price is $105. The mean of all analyst targets is $129.56 with a 11.49% above today’s ($115.08) stock price. SL Green Realty Corp. was the topic of 19 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. BB&T Capital initiated shares on November 13 with “Buy” rating. Zacks upgraded shares to “Hold” rating and $130 target share price in a report from an August 17. Stifel Nicolaus upgraded SLG stock in a recent report from September 9 to “Buy” rating. Finally, SunTrust maintained the stock with “Neutral” rating in a report issued on an August 12.
The stock decreased 0.78% or $0.9 during the last trading session, striking $115.08. Approximately 953,189 shares of stock traded hands or 85.72% up from the average. SL Green Realty Corp (NYSE:SLG) has declined 3.56% since May 6, 2015 and is downtrending. It has underperformed by 2.77% the S&P500.
The overall sentiment of institutions has decreased to 0.91 in Q2 2015. Its down 0.56, from 1.47 in 2015Q2. The ratio dropped, as 49 institutions have sold all the shares of SL Green Realty Corp that they owned while 111 funds have taken shares off the table. 23 funds have purchased shares for the first time while 122 added to their positions. These institutions now hold 92.76 million shares or 10.35% less than the 103.47 million shares they owned in 2015Q2.
The Fund Resolution Capital Ltd currently is holding shares equating to 6.82% of its total portfolio in SL Green Realty Corp representing a total of 745,960 shares. Another fund,Starwood Real Estate Securities Llc, is holding a total of 72,018 shares equating to 4.22% of their holdings. Additionally, Cbre Clarion Securities Llc has a 4.61 million share stake in SL Green Realty Corp which represents 4.12% of their total portfolio. The Fund, Harrison Street Securities Llc, based out of Illinois, has also built up a stake in the stock, which represents a total of 4.08% of their total portfolio. Finally Cohen & Steers Inc, a fund which is based in the state of New York reported a total holdings of 12.43 million shares.
SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing. The company has a market cap of $11.99 billion. It operates two divisions: real estate and debt and preferred equity investments. It has 60.06 P/E ratio. The Firm owns interests in commercial office properties in the New York Metropolitan area, primarily in midtown Manhattan.
According to Zacks Investment Research, “SL Green Realty Corporation is a fully-integrated, self administered and self-managed real estate investment trust and was formed for the purpose of continuing the commercial real estate business of SL Green. For more than 18 years, SL Green has been engaged in the business of owning, managing, leasing, acquiring and repositioning Class B office properties in Manhattan.” Get a free copy of the Zacks research report on SL Green Realty Corp (SLG).