SL Green Realty (NYSE:SLG) Upgraded by Evercore ISI to Inline

Evercore ISI upgraded shares of SL Green Realty (NYSE:SLG) from an underperform rating to an inline rating in a report published on Monday morning, Marketbeat reports. Evercore ISI currently has $66.00 price target on the real estate investment trust’s stock, up from their prior price target of $55.00.

Several other equities research analysts also recently issued reports on SLG. Piper Sandler increased their price objective 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. Wells Fargo & Company lifted their price target on SL Green Realty from $43.00 to $63.00 and gave the company an equal weight rating in a research note on Wednesday, September 11th. Citigroup raised SL Green Realty from a sell rating to a neutral rating and upped their price objective for the stock from $44.00 to $66.00 in a research report on Friday. Bank of America increased their price objective on SL Green Realty from $59.00 to $62.00 and gave the stock a neutral rating in a report on Thursday, August 22nd. Finally, Scotiabank boosted their target price on SL Green Realty from $53.00 to $68.00 and gave the company a sector perform rating in a research note on Wednesday, August 7th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, SL Green Realty 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 $70.69 on Monday. The stock’s fifty day simple moving average is $63.79 and its 200 day simple moving average is $56.57. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $4.66 billion, a PE ratio of -8.56, a PEG ratio of 2.15 and a beta of 1.83. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $71.31.

SL Green Realty (NYSE:SLG) last released its quarterly 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. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company had revenue of $222.82 million for the quarter, compared to analyst estimates of $133.83 million. During the same quarter last year, the firm posted $1.43 earnings per share. SL Green Realty’s revenue was down 9.4% compared to the same quarter last year. On average, research analysts predict that SL Green Realty will post 7.58 EPS for the current year.

SL Green Realty Announces Dividend

The firm also recently declared a monthly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.24%. SL Green Realty’s payout ratio is -36.32%.

Institutional Investors Weigh In On SL Green Realty

Large investors have recently added to or reduced their stakes in the stock. Prospect Financial Services LLC bought a new stake in shares of SL Green Realty during the 4th quarter valued at $12,373,000. Wellington Management Group LLP raised its stake in SL Green Realty by 7.6% in the fourth quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock valued at $50,363,000 after purchasing an additional 78,322 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in 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 grew its stake in 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 buying an additional 13,412 shares in the last quarter. Finally, UniSuper Management Pty Ltd increased its holdings in SL Green Realty by 82.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 33,229 shares of the real estate investment trust’s stock valued at $1,832,000 after buying an additional 14,975 shares during the period. Institutional investors and hedge funds 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.