SL Green Realty (NYSE:SLG) Upgraded by BMO Capital Markets to “Outperform”

SL Green Realty (NYSE:SLG) was upgraded by equities research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued on Thursday, MarketBeat reports. The brokerage presently has a $58.00 target price on the real estate investment trust’s stock, up from their prior target price of $56.00. BMO Capital Markets’ price objective suggests a potential upside of 16.77% from the stock’s current price.

A number of other analysts have also recently commented on the stock. Evercore ISI cut shares of SL Green Realty from an “in-line” rating to an “underperform” rating and set a $44.00 target price for the company. in a research note on Monday, March 18th. The Goldman Sachs Group boosted their price target on shares of SL Green Realty from $30.00 to $36.00 and gave the stock a “sell” rating in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft began coverage on shares of SL Green Realty in a report on Tuesday, January 30th. They issued a “hold” rating and a $50.00 target price on the stock. TheStreet upgraded shares of SL Green Realty from a “d+” rating to a “c-” rating in a report on Wednesday, January 10th. Finally, Barclays upgraded shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $35.00 to $48.00 in a report on Wednesday, March 27th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and an average price target of $47.00.

SL Green Realty Stock Up 2.8 %

SLG opened at $49.67 on Thursday. SL Green Realty has a fifty-two week low of $20.51 and a fifty-two week high of $55.75. The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.23 and a current ratio of 2.23. The company has a fifty day moving average of $49.76 and a two-hundred day moving average of $43.04. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of -5.46, a PEG ratio of 1.62 and a beta of 1.71.

Insider Activity

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

Hedge Funds Weigh In On SL Green Realty

Hedge funds have recently added to or reduced their stakes in the business. Private Trust Co. NA purchased a new stake in shares of SL Green Realty during the fourth quarter worth about $33,000. Financial Gravity Asset Management Inc. raised its holdings in shares of SL Green Realty by 3,073.3% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 922 shares during the period. Rockefeller Capital Management L.P. raised its holdings in shares of SL Green Realty by 92.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 747 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of SL Green Realty during the 3rd quarter valued at about $88,000. Finally, Advisory Services Network LLC purchased a new stake in shares of SL Green Realty during the 4th quarter valued at about $95,000. 89.96% of the stock is currently 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.