Evercore ISI Upgrades SL Green Realty (NYSE:SLG) to Outperform

SL Green Realty (NYSE:SLG) was upgraded by equities research analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a note issued to investors on Monday, MarketBeat Ratings reports. The firm presently has a $73.00 price target on the real estate investment trust’s stock, down from their previous price target of $74.00. Evercore ISI’s price target would indicate a potential upside of 28.81% from the stock’s previous close.

A number of other equities research analysts have also issued reports on SLG. Bank of America dropped their target price on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Scotiabank cut their price objective on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 28th. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $51.00 to $80.00 in a report on Tuesday, December 10th. Truist Financial lifted their price target on shares of SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, January 27th. Finally, Morgan Stanley raised their price objective on SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $69.87.

SL Green Realty Stock Up 2.0 %

Shares of NYSE:SLG opened at $56.67 on Monday. The company has a 50 day moving average of $63.99 and a 200-day moving average of $69.36. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of 708.40, a P/E/G ratio of 5.30 and a beta of 1.82. SL Green Realty has a one year low of $47.22 and a one year high of $82.81. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. On average, sell-side analysts forecast that SL Green Realty will post 5.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the sale, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.08% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of SL Green Realty by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock valued at $735,594,000 after buying an additional 564,822 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of SL Green Realty by 50.5% during the third quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock worth $202,777,000 after purchasing an additional 977,321 shares during the period. Geode Capital Management LLC grew its position in shares of SL Green Realty by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 1,751,709 shares of the real estate investment trust’s stock valued at $119,001,000 after buying an additional 110,594 shares during the last quarter. Nuveen Asset Management LLC increased its stake in shares of SL Green Realty by 3.0% in the fourth quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust’s stock valued at $111,179,000 after buying an additional 46,988 shares during the period. Finally, Alyeska Investment Group L.P. raised its position in shares of SL Green Realty by 30.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 1,493,208 shares of the real estate investment trust’s stock worth $101,419,000 after acquiring an additional 347,608 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

SL Green Realty Company Profile

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.