SL Green Realty (NYSE:SLG) Lifted to Outperform at BMO Capital Markets

SL Green Realty (NYSE:SLG) was upgraded by equities researchers at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued on Thursday, MarketBeat.com reports. The brokerage presently has a $58.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $56.00. BMO Capital Markets’ target price would indicate a potential upside of 16.77% from the company’s previous close.

Several other research analysts also recently commented on SLG. StockNews.com upgraded shares of SL Green Realty to a “sell” rating in a research report on Saturday, February 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of SL Green Realty in a research report on Tuesday, January 30th. They set a “hold” rating and a $50.00 price objective for the company. Evercore ISI downgraded shares of SL Green Realty from an “in-line” rating to an “underperform” rating and set a $44.00 price objective for the company. in a research report on Monday, March 18th. Piper Sandler restated an “overweight” rating and set a $58.00 price objective on shares of SL Green Realty in a research report on Tuesday, March 26th. Finally, Truist Financial cut shares of SL Green Realty from a “buy” rating to a “hold” rating and boosted their target price for the stock from $44.00 to $47.00 in a research note on Tuesday, January 16th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $47.00.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $49.67 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.23 and a quick ratio of 2.23. SL Green Realty has a fifty-two week low of $20.51 and a fifty-two week high of $55.75. The business has a 50-day moving average of $49.76 and a 200-day moving average of $43.04. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of -5.46, a PEG ratio of 1.62 and a beta of 1.71.

Insiders Place Their Bets

In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the transaction, the director now owns 6,886 shares in the company, valued at approximately $325,363.50. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds and other institutional investors have recently modified their holdings of SLG. Deutsche Bank AG grew its holdings in SL Green Realty by 2,563.6% in the third quarter. Deutsche Bank AG now owns 1,999,279 shares of the real estate investment trust’s stock worth $74,573,000 after purchasing an additional 1,924,221 shares during the period. Wellington Management Group LLP bought a new position in shares of SL Green Realty in the third quarter worth approximately $38,666,000. BlackRock Inc. lifted its stake in shares of SL Green Realty by 9.6% in the first quarter. BlackRock Inc. now owns 11,246,072 shares of the real estate investment trust’s stock worth $264,508,000 after buying an additional 988,677 shares in the last quarter. Norges Bank bought a new position in shares of SL Green Realty in the fourth quarter worth approximately $24,417,000. Finally, Balyasny Asset Management L.P. lifted its stake in shares of SL Green Realty by 111.3% in the first quarter. Balyasny Asset Management L.P. now owns 1,139,857 shares of the real estate investment trust’s stock worth $26,809,000 after buying an additional 600,284 shares in the last quarter. Hedge funds and other institutional investors 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.