BMO Capital Markets Upgrades SL Green Realty (NYSE:SLG) to “Outperform”

SL Green Realty (NYSE:SLG) was upgraded by analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research note issued to investors on Thursday, Marketbeat reports. The brokerage currently has a $58.00 target price on the real estate investment trust’s stock, up from their previous target price of $56.00. BMO Capital Markets’ price objective indicates a potential upside of 17.01% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Truist Financial lowered SL Green Realty from a “buy” rating to a “hold” rating and upped their target price for the company from $44.00 to $47.00 in a research report on Tuesday, January 16th. StockNews.com raised shares of SL Green Realty to a “sell” rating in a report on Saturday, February 3rd. Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $35.00 to $48.00 in a report on Wednesday, March 27th. Evercore ISI lowered 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 note on Monday, March 18th. Finally, Deutsche Bank Aktiengesellschaft started coverage on SL Green Realty in a research note on Tuesday, January 30th. They issued a “hold” rating and a $50.00 target price on the stock. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $47.00.

SL Green Realty Stock Performance

Shares of SLG opened at $49.57 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.23 and a current ratio of 2.23. The stock has a 50-day moving average of $49.94 and a two-hundred day moving average of $43.18. The stock has a market cap of $3.21 billion, a P/E ratio of -6.00, a P/E/G ratio of 1.66 and a beta of 1.71. SL Green Realty has a one year low of $20.51 and a one year high of $55.75.

Insider Activity

In other SL Green Realty news, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the sale, the director now directly owns 6,886 shares in the company, valued at approximately $325,363.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the transaction, the director now owns 6,886 shares in the company, valued at $325,363.50. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

Institutional Trading of SL Green Realty

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Private Trust Co. NA purchased a new position in SL Green Realty in the fourth quarter worth approximately $33,000. Financial Gravity Asset Management Inc. boosted its position in shares of SL Green Realty by 3,073.3% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 952 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 922 shares during the period. Rockefeller Capital Management L.P. increased its holdings in SL Green Realty by 92.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 747 shares during the last quarter. Advisory Services Network LLC purchased a new stake in SL Green Realty in the fourth quarter valued at approximately $95,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in SL Green Realty during the third quarter worth $88,000. 89.96% of the stock is owned by institutional investors and hedge funds.

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.