SL Green Realty (NYSE:SLG) Upgraded to Neutral by Compass Point

SL Green Realty (NYSE:SLG) was upgraded by equities researchers at Compass Point from a “sell” rating to a “neutral” rating in a research report issued on Wednesday, Marketbeat.com reports. The firm currently has a $60.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $35.00. Compass Point’s target price indicates a potential downside of 13.31% from the company’s current price.

A number of other brokerages also recently issued reports on SLG. JPMorgan Chase & Co. upped their price objective on SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, August 6th. Evercore ISI upgraded SL Green Realty from an “underperform” rating to an “inline” rating and increased their price target for the stock from $55.00 to $66.00 in a research note on Monday. BMO Capital Markets increased their price objective on SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. Truist Financial increased their price objective on SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Finally, StockNews.com raised SL Green Realty to a “sell” rating in a report on Friday, July 19th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, SL Green Realty currently has a consensus rating of “Hold” and a consensus target price of $59.64.

SL Green Realty Trading Down 2.1 %

NYSE SLG opened at $69.21 on Wednesday. The firm has a market capitalization of $4.56 billion, a P/E ratio of -8.38, a PEG ratio of 2.15 and a beta of 1.83. The business has a fifty day simple moving average of $64.04 and a 200 day simple moving average of $56.71. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $71.32. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. The business had revenue of $222.82 million during the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. SL Green Realty’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.43 EPS. On average, analysts predict that SL Green Realty will post 7.58 EPS for the current fiscal year.

Hedge Funds Weigh In On SL Green Realty

Large investors have recently modified their holdings of the company. Cetera Investment Advisers grew its position in SL Green Realty by 204.4% during the 2nd quarter. Cetera Investment Advisers now owns 16,959 shares of the real estate investment trust’s stock worth $961,000 after acquiring an additional 11,387 shares during the last quarter. Waterfall Asset Management LLC bought a new stake in shares of SL Green Realty during the second quarter valued at approximately $3,172,000. Lighthouse Investment Partners LLC boosted its position in shares of SL Green Realty by 150.0% during the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after purchasing an additional 90,000 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of SL Green Realty by 11.6% during the second quarter. Mackenzie Financial Corp now owns 5,088 shares of the real estate investment trust’s stock valued at $288,000 after purchasing an additional 530 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of SL Green Realty by 3.7% during the second quarter. The Manufacturers Life Insurance Company now owns 40,780 shares of the real estate investment trust’s stock valued at $2,310,000 after purchasing an additional 1,459 shares in the last quarter. 89.96% of the stock is owned by hedge funds and other 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.