SL Green Realty (NYSE:SLG) Stock Rating Upgraded by Evercore ISI

Evercore ISI upgraded shares of SL Green Realty (NYSE:SLG) from an in-line rating to an outperform rating in a research note published on Monday morning, MarketBeat.com reports. Evercore ISI currently has $73.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $74.00.

Other equities research analysts have also recently issued research reports about the stock. Scotiabank reduced their price target on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Friday, February 28th. Jefferies Financial Group decreased their price objective on SL Green Realty from $75.00 to $69.00 and set a “hold” rating on the stock in a research report on Thursday, January 2nd. Mizuho lifted their target price on SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Finally, Compass Point raised their price target on SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $69.87.

SL Green Realty Stock Performance

Shares of NYSE SLG opened at $58.68 on Monday. The company has a market cap of $4.18 billion, a P/E ratio of 733.50, a P/E/G ratio of 5.30 and a beta of 1.82. SL Green Realty has a 52-week low of $47.22 and a 52-week high of $82.81. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The firm’s fifty day moving average is $63.54 and its two-hundred day moving average is $69.17.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. As a group, analysts anticipate that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The business also recently disclosed a monthly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were given a $0.2575 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $3.09 annualized dividend and a yield of 5.27%. SL Green Realty’s dividend payout ratio (DPR) is 3,862.50%.

Insider Transactions at SL Green Realty

In related news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now owns 2,052 shares of the company’s stock, valued at $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.08% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of institutional investors and hedge funds have recently bought and sold shares of SLG. Point72 DIFC Ltd bought a new stake in shares of SL Green Realty in the third quarter valued at about $35,000. Jones Financial Companies Lllp purchased a new position in SL Green Realty during the 4th quarter valued at about $39,000. Quadrant Capital Group LLC lifted its position in shares of SL Green Realty by 37.4% in the 4th 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 during the period. Versant Capital Management Inc boosted its stake in shares of 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 valued at $71,000 after purchasing an additional 157 shares in the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new position in SL Green Realty during the fourth quarter valued at approximately $75,000. 89.96% of the stock is owned by institutional investors.

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.