SL Green Realty (NYSE:SLG) Upgraded by Compass Point to Neutral

SL Green Realty (NYSE:SLG) was upgraded by equities research analysts at Compass Point from a “sell” rating to a “neutral” rating in a note issued to investors on Wednesday, MarketBeat reports. The brokerage currently has a $60.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $35.00. Compass Point’s price target suggests a potential downside of 16.91% from the company’s previous close.

SLG has been the subject of several other reports. Truist Financial increased their price objective on SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Wells Fargo & Company increased their price objective on SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 11th. BMO Capital Markets increased their price objective on SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $44.00 to $66.00 in a research note on Friday, September 13th. Finally, Scotiabank increased their price objective on SL Green Realty from $53.00 to $68.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $59.64.

SL Green Realty Stock Performance

Shares of NYSE SLG opened at $72.21 on Wednesday. The business has a fifty day simple moving average of $64.56 and a 200 day simple moving average of $56.93. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of -8.74, a PEG ratio of 2.22 and a beta of 1.83. SL Green Realty has a one year low of $28.55 and a one year high of $73.80.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. The business had revenue of $222.82 million during the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. SL Green Realty’s revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.43 earnings per share. Sell-side analysts expect that SL Green Realty will post 7.58 EPS for the current year.

Hedge Funds Weigh In On SL Green Realty

Several hedge funds have recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its holdings in SL Green Realty by 204.4% in the second quarter. Cetera Investment Advisers now owns 16,959 shares of the real estate investment trust’s stock valued at $961,000 after acquiring an additional 11,387 shares during the last quarter. Waterfall Asset Management LLC bought a new position in SL Green Realty in the second quarter valued at about $3,172,000. Lighthouse Investment Partners LLC boosted its holdings in SL Green Realty by 150.0% in the second quarter. Lighthouse Investment Partners LLC now owns 150,000 shares of the real estate investment trust’s stock valued at $8,496,000 after acquiring an additional 90,000 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in SL Green Realty by 11.6% in the second quarter. Mackenzie Financial Corp now owns 5,088 shares of the real estate investment trust’s stock valued at $288,000 after acquiring an additional 530 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in SL Green Realty by 3.7% during the second quarter. The Manufacturers Life Insurance Company now owns 40,780 shares of the real estate investment trust’s stock worth $2,310,000 after buying an additional 1,459 shares during the last quarter. 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.