Evercore ISI Raises SL Green Realty (NYSE:SLG) Price Target to $49.00

SL Green Realty (NYSE:SLG) had its price objective hoisted by equities research analysts at Evercore ISI from $47.00 to $49.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “underperform” rating on the real estate investment trust’s stock. Evercore ISI’s price objective would suggest a potential downside of 10.99% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. StockNews.com upgraded shares of SL Green Realty to a “sell” rating in a report on Wednesday, May 8th. Barclays upgraded SL Green Realty from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $35.00 to $48.00 in a research report on Wednesday, March 27th. Citigroup increased their target price on SL Green Realty from $31.00 to $37.00 and gave the company a “sell” rating in a report on Thursday, June 13th. JPMorgan Chase & Co. boosted their price target on SL Green Realty from $43.00 to $44.00 and gave the stock an “underweight” rating in a report on Thursday, April 25th. Finally, BMO Capital Markets raised SL Green Realty from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $56.00 to $58.00 in a research note on Thursday, April 18th. Seven investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $44.62.

SL Green Realty Price Performance

SLG traded down $1.59 during trading on Monday, reaching $55.05. 285,047 shares of the stock were exchanged, compared to its average volume of 1,129,435. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.96 and a quick ratio of 2.96. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of -6.65, a P/E/G ratio of 1.05 and a beta of 1.83. SL Green Realty has a 1 year low of $28.55 and a 1 year high of $58.54. The business’s 50 day moving average price is $53.15 and its two-hundred day moving average price is $49.76.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of SL Green Realty by 0.6% in the first quarter. Vanguard Group Inc. now owns 10,384,977 shares of the real estate investment trust’s stock worth $572,524,000 after acquiring an additional 60,032 shares in the last quarter. Deutsche Bank AG lifted its position in SL Green Realty by 2,563.6% during the 3rd quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock worth $74,573,000 after acquiring an additional 1,924,221 shares in the last quarter. Wellington Management Group LLP boosted 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 acquiring an additional 78,322 shares during the period. Charles Schwab Investment Management Inc. grew its position in SL Green Realty by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,024,383 shares of the real estate investment trust’s stock valued at $46,271,000 after acquiring an additional 30,289 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of SL Green Realty by 24.7% during the first quarter. Russell Investments Group Ltd. now owns 799,431 shares of the real estate investment trust’s stock valued at $44,067,000 after purchasing an additional 158,268 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.