Goldman Sachs Maintains SL Green Realty Sell Recommendation

By 247patrick Updated Jul 27, 12:14PM EDT · Published Jul 26, 11:08PM EDT

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Goldman Sachs Maintains SL Green Realty Sell Recommendation — © Marco_Bonfanti / iStock via Getty Images

Fintel reports that on July 26, 2023, Goldman Sachs maintained coverage of SL Green Realty (NYSE:SLG) with a Sell recommendation.

Analyst Price Forecast Suggests 12.15% Downside

As of July 6, 2023, the average one-year price target for SL Green Realty is 31.04. The forecasts range from a low of 17.17 to a high of $73.50. The average price target represents a decrease of 12.15% from its latest reported closing price of 35.33.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for SL Green Realty is 754MM, a decrease of 5.64%. The projected annual non-GAAP EPS is -0.51.

What is the Fund Sentiment?

There are 614 funds or institutions reporting positions in SL Green Realty. This is a decrease of 34 owner(s) or 5.25% in the last quarter. Average portfolio weight of all funds dedicated to SLG is 0.12%, a decrease of 32.65%. Total shares owned by institutions increased in the last three months by 9.65% to 58,506K shares. The put/call ratio of SLG is 1.82, indicating a bearish outlook.

What are Other Shareholders Doing?

IJR – iShares Core S&P Small-Cap ETF holds 3,526K shares representing 5.48% ownership of the company.

VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 2,825K shares representing 4.39% ownership of the company. In it’s prior filing, the firm reported owning 2,868K shares, representing a decrease of 1.53%. The firm decreased its portfolio allocation in SLG by 37.22% over the last quarter.

Jpmorgan Chase holds 2,090K shares representing 3.25% ownership of the company. In it’s prior filing, the firm reported owning 537K shares, representing an increase of 74.29%. The firm increased its portfolio allocation in SLG by 150.72% over the last quarter.

IJH – iShares Core S&P Mid-Cap ETF holds 1,986K shares representing 3.08% ownership of the company. In it’s prior filing, the firm reported owning 1,875K shares, representing an increase of 5.59%. The firm decreased its portfolio allocation in SLG by 22.38% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 1,985K shares representing 3.08% ownership of the company. In it’s prior filing, the firm reported owning 1,941K shares, representing an increase of 2.22%. The firm decreased its portfolio allocation in SLG by 34.13% over the last quarter.

SL Green Realty Background Information
(This description is provided by the company.)

SL 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 December 31, 2020, SL Green held interests in 88 buildings totaling 38.2 million square feet. This included ownership interests in 28.6 million square feet of Manhattan buildings and 8.7 million square feet securing debt and preferred equity investments.

This article originally appeared on Fintel