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

Evercore ISI upgraded shares of SL Green Realty (NYSE:SLG) from an in-line rating to an outperform rating in a report issued on Monday, MarketBeat reports. The brokerage currently has $73.00 price target on the real estate investment trust’s stock, down from their previous price target of $74.00.

A number of other equities analysts have also recently issued reports on the stock. Mizuho upped their price objective on shares of SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Scotiabank decreased their price target on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research report on Friday, February 28th. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and upped their price target for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Compass Point upped their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Finally, Truist Financial upped their price target on shares of SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a research report on Monday, January 27th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and a consensus target price of $69.87.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $58.25 on Monday. The company has a 50 day moving average of $63.81 and a 200-day moving average of $69.30. SL Green Realty has a 1-year low of $47.22 and a 1-year high of $82.81. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. The company has a market cap of $4.15 billion, a PE ratio of 728.09, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, topping 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%. As a group, equities research analysts forecast that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

SL Green Realty Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a $0.2575 dividend. The ex-dividend date was Friday, February 28th. This represents a $3.09 annualized dividend and a dividend yield of 5.30%. SL Green Realty’s dividend payout ratio is currently 3,862.50%.

Insider Activity

In related news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the sale, the director now 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 filing with the SEC, which is accessible through this link. 5.08% of the stock is currently owned by corporate insiders.

Institutional Trading of SL Green Realty

A number of large investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased its holdings in SL Green Realty by 17.7% during the fourth quarter. Versant Capital Management Inc now owns 1,044 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 157 shares during the last quarter. MML Investors Services LLC increased its stake in shares of SL Green Realty by 2.7% in the third quarter. MML Investors Services LLC now owns 6,138 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 161 shares in the last quarter. Norinchukin Bank The increased its stake in shares of SL Green Realty by 6.6% in the fourth quarter. Norinchukin Bank The now owns 3,117 shares of the real estate investment trust’s stock worth $212,000 after purchasing an additional 192 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of SL Green Realty by 5.1% in the fourth quarter. GAMMA Investing LLC now owns 4,192 shares of the real estate investment trust’s stock worth $285,000 after purchasing an additional 203 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its stake in shares of SL Green Realty by 37.4% in the fourth quarter. Quadrant Capital Group LLC now owns 764 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 208 shares in the last quarter. Hedge funds and other institutional investors own 89.96% of the company’s stock.

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.