Evercore ISI Boosts SL Green Realty (NYSE:SLG) Price Target to $79.00

SL Green Realty (NYSE:SLG) had its price objective boosted by Evercore ISI from $67.00 to $79.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price objective suggests a potential upside of 3.04% from the company’s previous close.

SLG has been the topic of a number of other research reports. Morgan Stanley raised their price target on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. StockNews.com raised SL Green Realty to a “sell” rating in a report on Friday, July 19th. Truist Financial upped their target price 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. Bank of America lifted their price target on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Finally, Wells Fargo & Company upped their price objective on shares of SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 11th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and a consensus price target of $64.71.

SL Green Realty Stock Performance

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

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). The company 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 firm earned $1.27 earnings per share. As a group, equities analysts predict 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 added to or reduced their stakes in SLG. Russell Investments Group Ltd. lifted its position in shares of SL Green Realty by 24.7% in the 1st quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock worth $44,067,000 after purchasing an additional 158,268 shares during the period. Daiwa Securities Group Inc. raised its stake in SL Green Realty by 479.1% in the first 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. Lighthouse Investment Partners LLC boosted its position in SL Green Realty by 150.0% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after acquiring an additional 90,000 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in SL Green Realty by 9.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 994,909 shares of the real estate investment trust’s stock valued at $56,350,000 after acquiring an additional 88,309 shares in the last quarter. Finally, Swedbank AB purchased a new position in shares of SL Green Realty during the 1st quarter worth approximately $4,675,000. 89.96% of the stock is owned by hedge funds and other 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.