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

SL Green Realty (NYSE:SLG) was upgraded by Evercore ISI from an “underperform” rating to an “inline” rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm currently has a $66.00 price target on the real estate investment trust’s stock, up from their prior price target of $55.00. Evercore ISI’s price objective would suggest a potential downside of 4.90% from the stock’s previous close.

A number of other equities analysts have also issued reports on the stock. Piper Sandler raised their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $44.00 to $66.00 in a research report on Friday. Barclays upped their target price on shares of SL Green Realty from $49.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. StockNews.com raised SL Green Realty to a “sell” rating in a report on Friday, July 19th. Finally, BMO Capital Markets upped their price objective on SL Green Realty from $58.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $57.29.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $69.40 on Monday. SL Green Realty has a 52 week low of $28.55 and a 52 week high of $71.31. The firm has a market capitalization of $4.52 billion, a P/E ratio of -8.40, a P/E/G ratio of 2.15 and a beta of 1.83. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. The firm’s 50 day moving average is $63.49 and its two-hundred day moving average is $56.41.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. The business had revenue of $222.82 million for the quarter, compared to analysts’ expectations of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The business’s revenue 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. Research analysts forecast that SL Green Realty will post 7.58 EPS for the current fiscal year.

Institutional Trading of SL Green Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in SL Green Realty in the fourth quarter valued at about $18,664,000. Prospect Financial Services LLC acquired a new stake in SL Green Realty in the fourth quarter valued at $12,373,000. Russell Investments Group Ltd. increased its position in shares of SL Green Realty by 24.7% in the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after buying an additional 158,268 shares in the last quarter. Allianz Asset Management GmbH raised its stake in shares of SL Green Realty by 148.0% during the 4th quarter. Allianz Asset Management GmbH now owns 259,027 shares of the real estate investment trust’s stock worth $11,700,000 after buying an additional 154,578 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its position in shares of SL Green Realty by 426.2% in the 4th quarter. Hsbc Holdings PLC now owns 183,814 shares of the real estate investment trust’s stock worth $8,394,000 after buying an additional 148,881 shares in the last quarter. Institutional investors and hedge funds 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.