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

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

SLG has been the subject of a number of other reports. BMO Capital Markets raised their price objective on shares of SL Green Realty from $58.00 to $72.00 and gave the stock an outperform rating in a research note on Tuesday, July 30th. Truist Financial lifted their target price on shares of SL Green Realty from $47.00 to $55.00 and gave the stock a hold rating in a research note on Friday, July 19th. JPMorgan Chase & Co. lifted their target price on shares of SL Green Realty from $44.00 to $51.00 and gave the stock an underweight rating in a research note on Tuesday, August 6th. Wells Fargo & Company lifted their target price on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an equal weight rating in a research note on Wednesday, September 11th. Finally, The Goldman Sachs Group lifted their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the stock a sell rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $59.64.

SL Green Realty Trading Up 0.2 %

Shares of SLG opened at $72.21 on Monday. 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 firm has a 50 day simple moving average of $64.56 and a 200-day simple moving average of $56.93. SL Green Realty has a 1-year low of $28.55 and a 1-year high of $73.80. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -8.74, a price-to-earnings-growth ratio of 2.22 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The business had revenue of $222.82 million during the quarter, compared to analysts’ expectations of $133.83 million. During the same period last year, the company posted $1.43 EPS. The company’s revenue was down 9.4% on a year-over-year basis. Equities analysts forecast that SL Green Realty will post 7.58 EPS for the current fiscal year.

SL Green Realty Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, August 30th. This represents a $3.00 annualized dividend and a dividend yield of 4.15%. SL Green Realty’s payout ratio is -36.32%.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Prospect Financial Services LLC acquired a new position in SL Green Realty in the 4th quarter worth $12,373,000. Wellington Management Group LLP lifted its holdings in SL Green Realty by 7.6% in the 4th quarter. Wellington Management Group LLP now owns 1,114,957 shares of the real estate investment trust’s stock worth $50,363,000 after buying an additional 78,322 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in SL Green Realty by 479.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 113,028 shares of the real estate investment trust’s stock worth $6,231,000 after buying an additional 93,511 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in SL Green Realty by 12.0% in the 1st 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 lifted 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 worth $1,832,000 after buying an additional 14,975 shares in 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.