SL Green Realty (NYSE:SLG) Upgraded by Scotiabank to "Sector Outperform" Rating

Key Points

• SL Green Realty was upgraded by Scotiabank from a "sector perform" to a "sector outperform" rating, with a price target of $71.00, indicating a potential upside of 19.70% from the stock's previous close.
• The company's latest quarterly earnings showed an EPS of $1.63, exceeding forecasts, although revenue of $147.54 million was below the consensus estimate of $171.24 million.
• Many analysts have mixed ratings on SL Green Realty, with two sell ratings, eleven hold ratings, and four buy ratings, leading to an overall consensus target price of $65.60.

SL Green Realty (NYSE:SLG - Get Free Report) was upgraded by equities researchers at Scotiabank from a "sector perform" rating to a "sector outperform" rating in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a $71.00 price target on the real estate investment trust's stock. Scotiabank's price target points to a potential upside of 19.70% from the stock's previous close.

SLG has been the topic of a number of other reports. Wall Street Zen cut shares of SL Green Realty from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. Piper Sandler dropped their price target on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. 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 report on Wednesday, April 30th. Finally, Wells Fargo & Company reduced their price target on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a report on Monday, May 19th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $65.60.

SL Green Realty Trading Down 1.6%

NYSE SLG opened at $59.32 on Friday. SL Green Realty has a one year low of $45.15 and a one year high of $82.81. The company's 50 day moving average price is $61.23 and its 200 day moving average price is $60.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.85 and a current ratio of 2.72. The firm has a market capitalization of $4.23 billion, a price-to-earnings ratio of -109.84 and a beta of 1.65.

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

Insider Activity at SL Green Realty

In related 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 transaction, the director directly owned 937 shares of the company's stock, valued at approximately $56,791.57. This represents a 72.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Summit Place Financial Advisors LLC lifted its holdings in shares of SL Green Realty by 18.9% in the 2nd quarter. Summit Place Financial Advisors LLC now owns 21,215 shares of the real estate investment trust's stock valued at $1,313,000 after acquiring an additional 3,370 shares during the last quarter. Maryland State Retirement & Pension System lifted its holdings in shares of SL Green Realty by 2.0% in the 2nd quarter. Maryland State Retirement & Pension System now owns 20,871 shares of the real estate investment trust's stock valued at $1,292,000 after acquiring an additional 415 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of SL Green Realty by 0.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 33,200 shares of the real estate investment trust's stock valued at $2,055,000 after acquiring an additional 200 shares during the last quarter. KLP Kapitalforvaltning AS lifted its holdings in shares of SL Green Realty by 6.5% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 14,774 shares of the real estate investment trust's stock valued at $918,000 after acquiring an additional 900 shares during the last quarter. Finally, 111 Capital bought a new position in shares of SL Green Realty in the 2nd quarter valued at about $334,000. Institutional investors own 89.96% of the company's stock.

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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