SL Green Realty (NYSE:SLG) Upgraded at Evercore ISI

Evercore ISI upgraded shares of SL Green Realty (NYSE:SLG) from an in-line rating to an outperform rating in a research note issued to investors on Monday, Marketbeat 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 commented on SLG. Bank of America decreased their target price on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Jefferies Financial Group lowered their target price on 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. Barclays cut their target price on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. Mizuho boosted their price target on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Finally, Truist Financial raised their price objective on shares of SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and a consensus target price of $69.87.

SL Green Realty Price Performance

Shares of SLG opened at $58.68 on Monday. The firm has a market cap of $4.18 billion, a PE ratio of 733.50, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82. SL Green Realty has a 52-week low of $47.22 and a 52-week high of $82.81. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The business’s 50 day moving average price is $63.54 and its two-hundred day moving average price is $69.17.

SL Green Realty (NYSE:SLG) last released its earnings results 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%. On average, equities analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

SL Green Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were issued a dividend of $0.2575 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $3.09 dividend on an annualized basis and a yield of 5.27%. SL Green Realty’s dividend payout ratio (DPR) is presently 3,862.50%.

Insider Activity

In other news, Director Craig M. Hatkoff sold 3,455 shares of the firm’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 completion of the transaction, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.08% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its position in SL Green Realty by 50.5% during the third quarter. Wellington Management Group LLP now owns 2,913,049 shares of the real estate investment trust’s stock valued at $202,777,000 after acquiring an additional 977,321 shares during the last quarter. Norges Bank purchased a new position in SL Green Realty in the fourth quarter worth about $48,050,000. Northern Trust Corp boosted its position in shares of SL Green Realty by 79.9% during the fourth quarter. Northern Trust Corp now owns 1,429,636 shares of the real estate investment trust’s stock valued at $97,101,000 after buying an additional 634,788 shares during the last quarter. Vanguard Group Inc. raised its stake in SL Green Realty by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 10,830,293 shares of the real estate investment trust’s stock valued at $735,594,000 after buying an additional 564,822 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of SL Green Realty in the 4th quarter worth approximately $29,000,000. 89.96% of the stock is currently owned by institutional investors.

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.