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

SL Green Realty (NYSE:SLG) was upgraded by equities research analysts at Compass Point from a “sell” rating to a “neutral” rating in a note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has a $60.00 target price on the real estate investment trust’s stock, up from their previous target price of $35.00. Compass Point’s target price would suggest a potential downside of 13.31% from the company’s previous close.

A number of other research firms also recently commented on SLG. The Goldman Sachs Group boosted their price target on SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and lifted their target price for the company from $44.00 to $66.00 in a research report on Friday, September 13th. Bank of America lifted their target price on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lifted their target price on SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 11th. Finally, JPMorgan Chase & Co. lifted their target price on SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $59.64.

SL Green Realty Stock Down 2.1 %

SLG stock opened at $69.21 on Wednesday. The company has a market cap of $4.56 billion, a PE ratio of -8.38, a price-to-earnings-growth ratio of 2.15 and a beta of 1.83. The business has a 50-day simple moving average of $64.04 and a 200 day simple moving average of $56.71. SL Green Realty has a 52 week low of $28.55 and a 52 week high of $71.32. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last posted 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 the consensus estimate 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 revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.43 earnings per share. Sell-side analysts anticipate that SL Green Realty will post 7.58 EPS for the current fiscal year.

Institutional Trading of SL Green Realty

Several institutional investors have recently added to or reduced their stakes in the stock. Prospect Financial Services LLC acquired a new position in SL Green Realty in the fourth quarter valued at approximately $12,373,000. Wellington Management Group LLP raised its position in shares of SL Green Realty by 7.6% during the fourth quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock worth $50,363,000 after purchasing an additional 78,322 shares during the period. Daiwa Securities Group Inc. raised its position in shares of SL Green Realty by 479.1% during the first quarter. Daiwa Securities Group Inc. now owns 113,028 shares of the real estate investment trust’s stock worth $6,231,000 after purchasing an additional 93,511 shares during the period. Janney Montgomery Scott LLC raised its position in shares of SL Green Realty by 12.0% during the first quarter. Janney Montgomery Scott LLC now owns 124,978 shares of the real estate investment trust’s stock worth $6,890,000 after purchasing an additional 13,412 shares during the period. Finally, UniSuper Management Pty Ltd raised its position in shares of SL Green Realty by 82.0% during the first quarter. UniSuper Management Pty Ltd now owns 33,229 shares of the real estate investment trust’s stock worth $1,832,000 after purchasing an additional 14,975 shares during the period. 89.96% of the stock is currently owned by institutional investors.

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.