Evercore ISI Issues Pessimistic Forecast for SL Green Realty (NYSE:SLG) Stock Price

Key Points

• Evercore ISI has lowered its price target for SL Green Realty from $72.00 to $63.00, although the rating remains at "outperform" which indicates a potential upside of 22.96% from the stock's previous close.
• Recent reports from other analysts have produced a mixed outlook for SL Green, with six analysts giving a Buy rating and a consensus target price of $66.63.
• SL Green Realty's shares recently traded down 2.6% to $51.24, despite reporting a better-than-expected quarterly earnings per share of $1.58, surpassing estimates of $1.34.

SL Green Realty (NYSE:SLG - Get Free Report) had its price target cut by analysts at Evercore ISI from $72.00 to $63.00 in a research report issued to clients and 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 22.96% from the stock's previous close.

A number of other analysts have also issued reports on the company. Scotiabank upgraded 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 report on Friday, July 25th. Truist Financial upped their target price on SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a report on Friday, July 18th. JPMorgan Chase & Co. upped their target price on SL Green Realty from $69.00 to $71.00 and gave the stock a "neutral" rating in a report on Thursday, October 9th. Jefferies Financial Group upgraded SL Green Realty from a "neutral" rating to a "buy" rating and upped their target price for the stock from $57.00 to $63.00 in a report on Monday, October 13th. Finally, Bank of America lowered their target price on SL Green Realty from $64.00 to $61.00 and set a "neutral" rating for the company in a report on Friday. Six investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $66.63.

SL Green Realty Trading Down 2.6%

Shares of NYSE SLG traded down $1.36 during trading hours on Monday, reaching $51.24. The stock had a trading volume of 602,775 shares, compared to its average volume of 938,811. The company has a current ratio of 3.22, a quick ratio of 2.72 and a debt-to-equity ratio of 1.04. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 5,128.83 and a beta of 1.77. The business's fifty day moving average price is $58.31 and its two-hundred day moving average price is $58.06. SL Green Realty has a 52-week low of $45.15 and a 52-week high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 15th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.24. The firm had revenue of $149.67 million during the quarter, compared to analyst estimates of $170.27 million. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.SL Green Realty's quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.26 earnings per share. Analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insider Activity

In other news, Director Carol N. Brown sold 937 shares of the company's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $63.09, for a total transaction of $59,115.33. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 5.04% of the company's stock.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds have recently made changes to their positions in SLG. Nuveen LLC acquired a new position in shares of SL Green Realty in the 1st quarter valued at $87,878,000. Norges Bank purchased a new stake in SL Green Realty in the second quarter valued at $55,947,000. Prudential Financial Inc. boosted its holdings in SL Green Realty by 104.1% in the second quarter. Prudential Financial Inc. now owns 1,622,594 shares of the real estate investment trust's stock valued at $100,439,000 after purchasing an additional 827,407 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in SL Green Realty by 663.4% in the second quarter. Balyasny Asset Management L.P. now owns 513,556 shares of the real estate investment trust's stock valued at $31,789,000 after purchasing an additional 446,283 shares during the last quarter. Finally, BROOKFIELD Corp ON purchased a new stake in SL Green Realty in the second quarter valued at $18,695,000. 89.96% of the stock is owned by institutional investors and hedge funds.

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.

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