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

SL Green Realty (NYSE:SLG) was upgraded by 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 brokerage currently has a $73.00 target price on the real estate investment trust’s stock, down from their previous target price of $74.00. Evercore ISI’s target price points to a potential upside of 26.21% from the company’s previous close.

A number of other research analysts have also recently commented on the company. Bank of America lowered their target price on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Barclays reduced their price objective on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Mizuho raised their price objective on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Compass Point raised their price objective on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, SL Green Realty has a consensus rating of “Hold” and an average price target of $69.87.

SL Green Realty Trading Down 0.7 %

SLG opened at $57.84 on Monday. The stock has a market cap of $4.12 billion, a PE ratio of 722.98, a PEG ratio of 5.30 and a beta of 1.82. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. The business has a 50 day moving average of $63.66 and a 200-day moving average of $69.24. SL Green Realty has a 52 week low of $47.22 and a 52 week high of $82.81.

SL Green Realty (NYSE:SLG) last released its 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%. Equities research analysts predict that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction 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 owns 2,052 shares of the company’s stock, valued at $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.08% of the stock is currently owned by corporate insiders.

Institutional Trading of SL Green Realty

Several large investors have recently modified their holdings of the company. 111 Capital bought a new stake in shares of SL Green Realty in the fourth quarter worth $557,000. GF Fund Management CO. LTD. purchased a new position in SL Green Realty during the fourth quarter valued at $80,000. Public Employees Retirement System of Ohio lifted its position in SL Green Realty by 8.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 100,068 shares of the real estate investment trust’s stock valued at $6,797,000 after purchasing an additional 7,566 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new position in SL Green Realty during the fourth quarter valued at $75,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in SL Green Realty by 6.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 473,801 shares of the real estate investment trust’s stock valued at $32,181,000 after purchasing an additional 27,631 shares in the last quarter. Institutional investors own 89.96% of the company’s stock.

About SL Green Realty

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.