Evercore ISI Increases SL Green Realty (NYSE:SLG) Price Target to $47.00

SL Green Realty (NYSE:SLG) had its price objective increased by Evercore ISI from $46.00 to $47.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “underperform” rating on the real estate investment trust’s stock. Evercore ISI’s target price suggests a potential downside of 10.38% from the stock’s previous close.

SLG has been the topic of several other reports. TheStreet raised SL Green Realty from a “d+” rating to a “c-” rating in a report on Wednesday, January 10th. StockNews.com upgraded SL Green Realty to a “sell” rating in a research report on Saturday, February 3rd. Scotiabank raised their target price on SL Green Realty from $40.00 to $43.00 and gave the company a “sector underperform” rating in a research report on Tuesday, April 2nd. Truist Financial downgraded SL Green Realty from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $44.00 to $47.00 in a research report on Tuesday, January 16th. Finally, Morgan Stanley lifted their price objective on SL Green Realty from $41.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 28th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $47.25.

SL Green Realty Stock Up 3.3 %

SL Green Realty stock opened at $52.45 on Monday. The company has a quick ratio of 2.23, a current ratio of 2.96 and a debt-to-equity ratio of 1.01. SL Green Realty has a 52 week low of $20.51 and a 52 week high of $55.75. The business’s 50-day moving average price is $50.23 and its 200 day moving average price is $43.54. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of -6.35, a price-to-earnings-growth ratio of 1.34 and a beta of 1.71.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the transaction, the director now directly owns 6,886 shares of the company’s stock, valued at approximately $325,363.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the sale, the director now directly owns 6,886 shares of the company’s stock, valued at approximately $325,363.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLG. Private Trust Co. NA acquired a new stake in SL Green Realty during the 4th quarter valued at $33,000. Financial Gravity Asset Management Inc. grew its stake in SL Green Realty by 3,073.3% in the third quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 922 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in SL Green Realty in the third quarter worth about $88,000. Allspring Global Investments Holdings LLC lifted its holdings in SL Green Realty by 122.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,732 shares of the real estate investment trust’s stock worth $102,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Rosenberg Matthew Hamilton raised its holdings in shares of SL Green Realty by 9.6% during the fourth quarter. Rosenberg Matthew Hamilton now owns 2,588 shares of the real estate investment trust’s stock valued at $117,000 after buying an additional 227 shares during the last quarter. Institutional investors and hedge funds 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.