SL Green Realty (NYSE:SLG) Rating Increased to Outperform at Evercore ISI

Evercore ISI upgraded shares of SL Green Realty (NYSE:SLG) from an in-line rating to an outperform rating in a report published on Monday, MarketBeat.com reports. Evercore ISI currently has $73.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $74.00.

A number of other brokerages have also recently issued reports on SLG. Wells Fargo & Company reduced their price objective on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Jefferies Financial Group reduced 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 research report on Thursday, January 2nd. Scotiabank reduced their price target on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 28th. Morgan Stanley lifted their price target on shares of SL Green Realty from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 12th. Finally, Compass Point boosted their price objective on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $69.87.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $58.25 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 firm has a market cap of $4.15 billion, a P/E ratio of 728.09, a P/E/G ratio of 5.30 and a beta of 1.82. The firm has a 50 day simple moving average of $63.81 and a 200 day simple moving average of $69.30. SL Green Realty has a fifty-two week low of $47.22 and a fifty-two week high of $82.81.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) 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%. Sell-side analysts predict that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a dividend of $0.2575 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $3.09 annualized dividend and a dividend yield of 5.30%. SL Green Realty’s dividend payout ratio is presently 3,862.50%.

Insider Buying and Selling

In related news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the sale, the director now owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.08% of the stock is currently owned by insiders.

Institutional Trading of SL Green Realty

Hedge funds and other institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. bought a new stake in SL Green Realty in the 4th quarter valued at about $80,000. Public Employees Retirement System of Ohio boosted its holdings in SL Green Realty by 8.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 100,068 shares of the real estate investment trust’s stock valued at $6,797,000 after purchasing an additional 7,566 shares during the period. Fourth Dimension Wealth LLC bought a new stake in SL Green Realty in the 4th quarter valued at about $75,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in SL Green Realty by 6.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 473,801 shares of the real estate investment trust’s stock valued at $32,181,000 after purchasing an additional 27,631 shares during the period. Finally, Zimmer Partners LP bought a new stake in SL Green Realty in the 4th quarter valued at about $11,192,000. 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.