SL Green Realty (NYSE:SLG) Upgraded by Evercore ISI to "Outperform" Rating

SL Green Realty (NYSE:SLG - Get Free Report) was upgraded by equities researchers at Evercore ISI from an "in-line" rating to an "outperform" rating in a research report issued on Monday, MarketBeat reports. The firm 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 price objective indicates a potential upside of 27.17% from the stock's previous close.

Several other analysts have also commented on SLG. Bank of America lowered their price objective on shares of SL Green Realty from $80.00 to $73.00 and set a "neutral" rating on the stock in a research report on Monday, January 27th. Jefferies Financial Group lowered their price target on shares of SL Green Realty from $75.00 to $69.00 and set a "hold" rating on the stock in a report on Thursday, January 2nd. Wells Fargo & Company reduced their price objective on SL Green Realty from $76.00 to $69.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. Morgan Stanley boosted their target price on SL Green Realty from $52.00 to $55.00 and gave the company an "equal weight" rating in a research note on Wednesday, March 12th. Finally, Barclays cut their price target on SL Green Realty from $78.00 to $76.00 and set an "equal weight" rating for the company in a research note on Tuesday, January 28th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $69.87.

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SL Green Realty Stock Performance

Shares of NYSE SLG traded down $0.87 during midday trading on Monday, reaching $57.40. The company's stock had a trading volume of 1,412,262 shares, compared to its average volume of 841,748. The stock has a market capitalization of $4.09 billion, a P/E ratio of 717.55, a PEG ratio of 5.30 and a beta of 1.82. 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 firm has a 50 day moving average price of $63.42 and a 200-day moving average price of $69.09. SL Green Realty has a 12-month low of $47.22 and a 12-month high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping the consensus estimate 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%. As a group, equities analysts predict that SL Green Realty will post 5.43 earnings per share for the current 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. Corporate insiders own 5.08% of the company's stock.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 DIFC Ltd purchased a new position in SL Green Realty in the third quarter worth $35,000. Jones Financial Companies Lllp bought a new stake in SL Green Realty during the fourth quarter worth about $39,000. Quadrant Capital Group LLC boosted its holdings in shares of SL Green Realty by 37.4% in the 4th quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust's stock worth $52,000 after purchasing an additional 208 shares in the last quarter. Versant Capital Management Inc increased its position in shares of SL Green Realty by 17.7% during the 4th quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust's stock valued at $71,000 after purchasing 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 4th quarter valued at about $75,000. Hedge funds and other 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.