SL Green Realty (NYSE:SLG) Given New $76.00 Price Target at Evercore ISI

Key Points

• Evercore ISI has increased its price target for SL Green Realty from $73.00 to $76.00, suggesting a potential upside of 17.77% from the current stock price and maintaining an "outperform" rating.
• Other firms have mixed opinions; Wells Fargo has cut its target from $69.00 to $58.00, while Scotiabank upgraded its rating and set a target of $71.00.
• SL Green Realty reported a quarterly earnings beat with $1.63 earnings per share, though revenue was below analyst estimates at $147.54 million.

SL Green Realty (NYSE:SLG - Get Free Report) had its target price upped by investment analysts at Evercore ISI from $73.00 to $76.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an "outperform" rating on the real estate investment trust's stock. Evercore ISI's price objective would indicate a potential upside of 17.77% from the company's current price.

Several other brokerages have also weighed in on SLG. Wells Fargo & Company dropped their price objective on shares of SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Monday, May 19th. Wall Street Zen lowered shares of SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Scotiabank raised shares of SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 price target on the stock in a research report on Friday, July 25th. JPMorgan Chase & Co. lowered their price target on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a report on Friday, May 23rd. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $67.79.

SL Green Realty Stock Performance

Shares of SLG traded down $1.14 during trading hours on Monday, hitting $64.53. The company had a trading volume of 159,313 shares, compared to its average volume of 922,610. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of -119.39 and a beta of 1.74. The business has a fifty day moving average of $58.39 and a 200-day moving average of $57.97. SL Green Realty has a 12 month low of $45.15 and a 12 month high of $82.81. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.98.

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

Insider Buying and Selling

In other SL Green Realty news, Director Carol N. Brown sold 937 shares of the business's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $63.09, for a total transaction of $59,115.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.04% of the company's stock.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds have recently bought and sold shares of SLG. Gotham Asset Management LLC boosted its holdings in SL Green Realty by 8.8% during the 4th quarter. Gotham Asset Management LLC now owns 5,658 shares of the real estate investment trust's stock worth $384,000 after acquiring an additional 459 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of SL Green Realty by 78.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 63,881 shares of the real estate investment trust's stock worth $4,339,000 after buying an additional 28,101 shares during the last quarter. Nissay Asset Management Corp Japan ADV boosted its holdings in shares of SL Green Realty by 12.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 10,010 shares of the real estate investment trust's stock worth $663,000 after buying an additional 1,072 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of SL Green Realty by 55.9% in the 4th quarter. ProShare Advisors LLC now owns 21,247 shares of the real estate investment trust's stock worth $1,443,000 after buying an additional 7,617 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in shares of SL Green Realty by 1.3% in the 4th quarter. Two Sigma Advisers LP now owns 24,316 shares of the real estate investment trust's stock worth $1,652,000 after buying an additional 301 shares during the last quarter. 89.96% of the stock is 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.

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