SL Green Realty (NYSE:SLG) Rating Increased to Neutral at Citigroup

SL Green Realty (NYSE:SLG) was upgraded by equities researchers at Citigroup from a “sell” rating to a “neutral” rating in a research report issued to clients and investors on Friday, MarketBeat reports. The brokerage presently has a $66.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $44.00. Citigroup’s target price indicates a potential downside of 4.90% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Piper Sandler increased their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. increased their price target on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. StockNews.com upgraded SL Green Realty to a “sell” rating in a report on Friday, July 19th. The Goldman Sachs Group increased their price target on SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Wednesday, July 31st. Finally, Bank of America increased their price target on SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Five analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $56.50.

SL Green Realty Stock Performance

SL Green Realty stock opened at $69.40 on Friday. The business has a 50 day moving average of $63.49 and a 200-day moving average of $56.34. SL Green Realty has a 1 year low of $28.55 and a 1 year high of $71.31. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59. The company has a market capitalization of $4.52 billion, a P/E ratio of -8.40, a P/E/G ratio of 2.11 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $133.83 million. During the same quarter in the prior year, the firm posted $1.43 earnings per share. The firm’s revenue was down 9.4% compared to the same quarter last year. On average, equities research analysts predict that SL Green Realty will post 7.58 earnings per share for the current year.

Institutional Investors Weigh In On SL Green Realty

Several large investors have recently made changes to their positions in SLG. International Assets Investment Management LLC increased its position in shares of SL Green Realty by 8,523.6% during the 4th quarter. International Assets Investment Management LLC now owns 9,486 shares of the real estate investment trust’s stock valued at $428,000 after purchasing an additional 9,376 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of SL Green Realty by 3.6% during the 4th quarter. Victory Capital Management Inc. now owns 24,223 shares of the real estate investment trust’s stock valued at $1,094,000 after acquiring an additional 851 shares during the last quarter. Natixis Advisors L.P. lifted its position in SL Green Realty by 9.5% in the 4th quarter. Natixis Advisors L.P. now owns 18,482 shares of the real estate investment trust’s stock worth $834,000 after buying an additional 1,599 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in SL Green Realty by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,024,383 shares of the real estate investment trust’s stock worth $46,271,000 after buying an additional 30,289 shares during the last quarter. Finally, Independent Advisor Alliance purchased a new position in SL Green Realty in the 4th quarter worth approximately $1,036,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

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.