SL Green Realty (NYSE:SLG) Raised to “Inline” at Evercore ISI

Evercore ISI upgraded shares of SL Green Realty (NYSE:SLG) from an underperform rating to an inline rating in a research note released on Monday, MarketBeat reports. Evercore ISI currently has $66.00 price target on the real estate investment trust’s stock, up from their prior price target of $55.00.

Several other research analysts have also recently issued reports on SLG. The Goldman Sachs Group lifted their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the stock a sell rating in a report on Wednesday, July 31st. BMO Capital Markets lifted their target price on shares of SL Green Realty from $58.00 to $72.00 and gave the stock an outperform rating in a report on Tuesday, July 30th. Wells Fargo & Company lifted their target price on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an equal weight rating in a report on Wednesday, September 11th. Bank of America lifted their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a neutral rating in a report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of SL Green Realty from $44.00 to $51.00 and gave the stock an underweight rating in a report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $59.64.

SL Green Realty Trading Up 4.1 %

Shares of NYSE SLG opened at $72.04 on Monday. SL Green Realty has a 1 year low of $28.55 and a 1 year high of $73.80. The stock has a market cap of $4.74 billion, a P/E ratio of -8.72, a price-to-earnings-growth ratio of 2.15 and a beta of 1.83. The firm has a 50-day moving average of $64.33 and a 200 day moving average of $56.82. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company had revenue of $222.82 million during the quarter, compared to analysts’ expectations of $133.83 million. During the same period last year, the company posted $1.43 EPS. SL Green Realty’s revenue was down 9.4% on a year-over-year basis. As a group, sell-side analysts expect that SL Green Realty will post 7.58 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $3.00 annualized dividend and a yield of 4.16%. SL Green Realty’s dividend payout ratio (DPR) is -36.32%.

Institutional Trading of SL Green Realty

Several large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in SL Green Realty by 6.3% during the first quarter. GAMMA Investing LLC now owns 3,305 shares of the real estate investment trust’s stock valued at $182,000 after buying an additional 196 shares during the period. Xponance Inc. grew its position in SL Green Realty by 6.6% during the second quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock valued at $240,000 after buying an additional 262 shares during the period. CIBC Asset Management Inc grew its position in SL Green Realty by 6.2% during the fourth quarter. CIBC Asset Management Inc now owns 7,093 shares of the real estate investment trust’s stock valued at $320,000 after buying an additional 414 shares during the period. Louisiana State Employees Retirement System grew its position in SL Green Realty by 1.6% during the second quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the real estate investment trust’s stock valued at $1,846,000 after buying an additional 500 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in SL Green Realty during the second quarter valued at approximately $29,000. 89.96% of the stock is currently owned by institutional investors.

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.