BMO Capital Markets Reiterates Outperform Rating for SL Green Realty (NYSE:SLG)

SL Green Realty (NYSE:SLG)‘s stock had its “outperform” rating reiterated by equities research analysts at BMO Capital Markets in a research report issued on Monday, Benzinga reports. They presently have a $87.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $72.00. BMO Capital Markets’ price objective indicates a potential upside of 13.47% from the stock’s previous close.

A number of other brokerages have also commented on SLG. StockNews.com raised SL Green Realty to a “sell” rating in a research note on Friday, July 19th. Truist Financial raised their price target on SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Evercore ISI raised SL Green Realty from an “underperform” rating to an “inline” rating and raised their price target for the stock from $55.00 to $66.00 in a research note on Monday, September 16th. Morgan Stanley raised their price target on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 9th. Finally, Piper Sandler set a $75.00 price target on SL Green Realty in a research note on Thursday, October 17th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $64.71.

SL Green Realty Stock Down 0.2 %

Shares of NYSE SLG opened at $76.67 on Monday. SL Green Realty has a one year low of $28.55 and a one year high of $79.08. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.58 and a quick ratio of 2.59. The firm’s 50 day simple moving average is $68.17 and its two-hundred day simple moving average is $60.07. The stock has a market capitalization of $4.99 billion, a P/E ratio of -30.67, a PEG ratio of 2.18 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The business had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same quarter in the previous year, the business earned $1.27 earnings per share. As a group, analysts expect that SL Green Realty will post 7.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Xponance Inc. increased its stake in SL Green Realty by 6.6% during the 2nd quarter. Xponance Inc. now owns 4,234 shares of the real estate investment trust’s stock valued at $240,000 after purchasing an additional 262 shares in the last quarter. Vert Asset Management LLC boosted its holdings in shares of SL Green Realty by 1.5% in the 3rd quarter. Vert Asset Management LLC now owns 26,909 shares of the real estate investment trust’s stock valued at $1,873,000 after acquiring an additional 394 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of SL Green Realty by 1.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the real estate investment trust’s stock valued at $1,846,000 after acquiring an additional 500 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of SL Green Realty in the 2nd quarter valued at $29,000. Finally, Mackenzie Financial Corp boosted its holdings in shares of SL Green Realty by 11.6% in the 2nd quarter. Mackenzie Financial Corp now owns 5,088 shares of the real estate investment trust’s stock valued at $288,000 after acquiring an additional 530 shares during 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.