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 report sent to investors on Monday, MarketBeat reports. The brokerage currently has $66.00 target price on the real estate investment trust’s stock, up from their previous target price of $55.00.

Several other equities analysts have also issued reports on SLG. Barclays raised their price objective on SL Green Realty from $49.00 to $58.00 and gave the stock an equal weight rating in a report on Tuesday, July 30th. Scotiabank raised their price objective on SL Green Realty from $53.00 to $68.00 and gave the stock a sector perform rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price objective on SL Green Realty from $44.00 to $51.00 and gave the stock an underweight rating in a report on Tuesday, August 6th. Citigroup raised SL Green Realty from a sell rating to a neutral rating and raised their price objective for the stock from $44.00 to $66.00 in a report on Friday, September 13th. Finally, BMO Capital Markets raised their price objective on SL Green Realty from $58.00 to $72.00 and gave the stock an outperform rating in a report on Tuesday, July 30th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $59.64.

SL Green Realty Stock Performance

NYSE:SLG opened at $72.21 on Monday. The firm has a market capitalization of $4.70 billion, a PE ratio of -8.74, a price-to-earnings-growth ratio of 2.22 and a beta of 1.83. The business’s fifty day moving average price is $64.56 and its 200 day moving average price is $56.93. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $73.80.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.09. The firm had revenue of $222.82 million for the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. SL Green Realty’s revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.43 earnings per share. On average, sell-side analysts anticipate that SL Green Realty will post 7.58 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

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

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds have recently added to or reduced their stakes in SLG. Norges Bank acquired a new stake in SL Green Realty in the fourth quarter valued at about $18,664,000. Prospect Financial Services LLC acquired a new stake in shares of SL Green Realty during the 4th quarter valued at approximately $12,373,000. Russell Investments Group Ltd. lifted its position in shares of SL Green Realty by 24.7% during the 1st quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after acquiring an additional 158,268 shares during the period. Allianz Asset Management GmbH lifted its position in shares of SL Green Realty by 148.0% during the 4th quarter. Allianz Asset Management GmbH now owns 259,027 shares of the real estate investment trust’s stock valued at $11,700,000 after acquiring an additional 154,578 shares during the period. Finally, Hsbc Holdings PLC lifted its position in shares of SL Green Realty by 426.2% during the 4th quarter. Hsbc Holdings PLC now owns 183,814 shares of the real estate investment trust’s stock valued at $8,394,000 after acquiring an additional 148,881 shares during the period. 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.