SL Green Realty (NYSE:SLG) Upgraded at Evercore ISI

SL Green Realty (NYSE:SLG) was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a report issued on Monday, Marketbeat.com 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 would suggest a potential upside of 28.81% from the stock’s current price.

A number of other research firms have also weighed in on SLG. Mizuho raised their price target on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Barclays reduced their target price on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Bank of America dropped their price target on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Jefferies Financial Group decreased their target price on SL Green Realty from $75.00 to $69.00 and set a “hold” rating for the company in a research report on Thursday, January 2nd. Finally, Compass Point boosted their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $69.87.

SL Green Realty Price Performance

SLG stock opened at $56.67 on Monday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The company’s 50-day moving average is $63.99 and its 200-day moving average is $69.36. The stock has a market capitalization of $4.04 billion, a PE ratio of 708.40, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82. SL Green Realty has a 1 year low of $47.22 and a 1 year high of $82.81.

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

Insider Activity

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

Hedge Funds Weigh In On SL Green Realty

A number of institutional investors have recently made changes to their positions in SLG. Point72 DIFC Ltd bought a new position in SL Green Realty in the third quarter valued at $35,000. Jones Financial Companies Lllp bought a new stake in SL Green Realty in the 4th quarter worth approximately $39,000. Quadrant Capital Group LLC boosted its stake in SL Green Realty by 37.4% in the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 208 shares in the last quarter. Versant Capital Management Inc grew its position in SL Green Realty by 17.7% during the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 157 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of SL Green Realty during the fourth quarter worth approximately $75,000. 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.