Evercore ISI Forecasts Strong Price Appreciation for SL Green Realty (NYSE:SLG) Stock

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 - Free Report) had its price target upped by Evercore ISI from $73.00 to $76.00 in a report released on Monday morning, MarketBeat Ratings reports. The firm currently has an outperform rating on the real estate investment trust's stock.

Several other research analysts have also recently weighed in on the stock. Wall Street Zen cut shares of SL Green Realty from a "hold" rating to a "sell" rating in a report on Saturday, May 24th. Truist Financial raised their target price on shares of 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. lowered their target price on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Citigroup raised shares of SL Green Realty from a "neutral" rating to a "buy" rating and raised their target price for the stock from $65.00 to $70.00 in a report on Friday, September 12th. Finally, Scotiabank raised shares of SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 target price on the stock in a report on Friday, July 25th. Five research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $67.79.

SL Green Realty Stock Down 1.8%

Shares of SL Green Realty stock traded down $1.13 during trading hours on Monday, reaching $61.90. 399,925 shares of the company's stock were exchanged, compared to its average volume of 935,377. The company has a 50 day moving average of $58.53 and a two-hundred day moving average of $58.06. 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 current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.98. The stock has a market cap of $4.41 billion, a P/E ratio of -114.61 and a beta of 1.74.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results 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 company had revenue of $147.54 million for the quarter, compared to analysts' expectations of $171.24 million. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. SL Green Realty's quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.05 EPS. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. On average, sell-side analysts forecast that SL Green Realty will post 5.43 EPS for the current fiscal year.

SL Green Realty Announces Dividend

The company also recently disclosed a sep 25 dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.2575 dividend. SL Green Realty's payout ratio is -572.22%.

Insider Transactions at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 937 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $63.09, for a total value of $59,115.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.04% of the company's stock.

Institutional Investors Weigh In On SL Green Realty

Institutional investors have recently added to or reduced their stakes in the company. Summit Place Financial Advisors LLC grew its position in shares of SL Green Realty by 149.6% during the 1st quarter. Summit Place Financial Advisors LLC now owns 17,845 shares of the real estate investment trust's stock valued at $1,030,000 after acquiring an additional 10,695 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of SL Green Realty by 6.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,741 shares of the real estate investment trust's stock valued at $389,000 after acquiring an additional 384 shares during the period. KBC Group NV grew its position in shares of SL Green Realty by 20.9% during the 1st quarter. KBC Group NV now owns 3,340 shares of the real estate investment trust's stock valued at $193,000 after acquiring an additional 577 shares during the period. Wolverine Asset Management LLC grew its position in shares of SL Green Realty by 156.1% during the 1st quarter. Wolverine Asset Management LLC now owns 12,716 shares of the real estate investment trust's stock valued at $734,000 after acquiring an additional 7,750 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of SL Green Realty by 8.3% during the 1st 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. 89.96% of the stock is owned by 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.