SL Green Realty (NYSE:SLG) Price Target Lowered to $72.00 at Evercore ISI

Key Points

• Evercore ISI has lowered its price target for SL Green Realty from $76.00 to $72.00, while maintaining an "outperform" rating, suggesting a potential upside of 25.58% from the current price.
• Multiple analysts have issued varying ratings, with five analysts giving a Buy rating, ten a Hold rating, and one a Sell rating, resulting in a consensus price target of $67.93.
• SL Green Realty's stock is trading at $57.34, down from a 52-week high of $82.81, with a market capitalization of $4.09 billion.

SL Green Realty (NYSE:SLG - Get Free Report) had its price objective lowered by stock analysts at Evercore ISI from $76.00 to $72.00 in a report released on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the real estate investment trust's stock. Evercore ISI's price target would suggest a potential upside of 25.58% from the stock's current price.

Other equities research analysts have also issued reports about the company. Scotiabank raised 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 research report on Friday, July 25th. Citigroup raised SL Green Realty from a "neutral" rating to a "buy" rating and upped their price target for the company from $65.00 to $70.00 in a research report on Friday, September 12th. Truist Financial boosted their target price on SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. boosted their target price on SL Green Realty from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, New Street Research set a $72.00 price target on SL Green Realty in a research note on Thursday. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, SL Green Realty currently has an average rating of "Hold" and a consensus price target of $67.93.

SL Green Realty Price Performance

Shares of SLG traded down $0.71 during midday trading on Thursday, reaching $57.34. The stock had a trading volume of 334,565 shares, compared to its average volume of 919,617. SL Green Realty has a 52 week low of $45.15 and a 52 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 firm's 50 day moving average price is $58.32 and its 200-day moving average price is $58.18. The company has a market capitalization of $4.09 billion, a P/E ratio of -106.17 and a beta of 1.77.

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

Insider Buying and Selling

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the completion of the transaction, the director owned 937 shares of the company's stock, valued at $56,791.57. This represents a 72.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in SL Green Realty by 2.6% in the 1st 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 in the last quarter. State Street Corp grew its position in SL Green Realty by 1.0% in 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 grew its position in SL Green Realty by 0.4% in 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. grew its position in SL Green Realty by 8.3% in 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, Prudential Financial Inc. grew its position 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 acquiring an additional 827,407 shares during the period. Institutional investors and hedge funds own 89.96% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.