SL Green Realty (NYSE:SLG) Price Target Cut to $73.00 by Analysts at Evercore ISI

Key Points

• Evercore ISI has reduced its price target for SL Green Realty from $74.00 to $73.00, while maintaining an "outperform" rating, indicating a potential upside of 35.41% from the current price.
• Several analysts have adjusted their ratings on SL Green Realty, with reports showing a shift from "hold" to "sell" by Wall Street Zen, while Truist Financial has raised its target to $58.00.
• The company's recent earnings report showed $1.63 earnings per share, exceeding estimates but reflecting a decline from $2.05 in the same quarter last year.

SL Green Realty (NYSE:SLG - Get Free Report) had its target price dropped by Evercore ISI from $74.00 to $73.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "outperform" rating on the real estate investment trust's stock. Evercore ISI's price objective suggests a potential upside of 28.52% from the company's current price.

A number of other analysts have also recently issued reports on the company. Piper Sandler reduced their price objective on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Wall Street Zen cut SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Scotiabank raised SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 price target for the company in a research report on Friday, July 25th. JPMorgan Chase & Co. reduced their price target on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Finally, Barclays reduced their price target on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. Four analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $67.29.

SL Green Realty Stock Up 3.7%

SLG traded up $2.0020 during trading on Monday, reaching $56.8020. 793,918 shares of the stock traded hands, compared to its average volume of 852,494. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of -105.19 and a beta of 1.69. SL Green Realty has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.72. The stock's 50-day simple moving average is $59.48 and its two-hundred day simple moving average is $58.66.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.37 by $0.26. The firm had revenue of $147.54 million during the quarter, compared to analysts' expectations of $171.24 million. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%.The business's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.05 earnings per share. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. As a group, equities research analysts expect that SL Green Realty will post 5.43 EPS for the current year.

Insider Activity at SL Green Realty

In other news, Director Carol N. Brown sold 2,500 shares of SL Green Realty stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the transaction, the director directly owned 937 shares in the company, valued at approximately $56,791.57. The trade was a 72.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.04% of the company's stock.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in SL Green Realty by 2.6% during the first quarter. Vanguard Group Inc. now owns 11,113,302 shares of the real estate investment trust's stock valued at $641,238,000 after acquiring an additional 283,009 shares during the period. State Street Corp increased its stake in SL Green Realty by 1.0% during the second quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust's stock valued at $264,636,000 after acquiring an additional 41,873 shares during the period. Geode Capital Management LLC increased its stake in SL Green Realty by 0.4% during the second quarter. Geode Capital Management LLC now owns 1,833,682 shares of the real estate investment trust's stock valued at $113,518,000 after acquiring an additional 6,690 shares during the period. Goldman Sachs Group Inc. increased its stake in SL Green Realty by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,695,862 shares of the real estate investment trust's stock valued at $97,851,000 after acquiring an additional 130,206 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in SL Green Realty by 3.0% during the fourth quarter. Nuveen Asset Management LLC now owns 1,636,907 shares of the real estate investment trust's stock valued at $111,179,000 after acquiring an additional 46,988 shares during the period. 89.96% of the stock is currently 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.