SL Green Realty (NYSE:SLG) Upgraded at BMO Capital Markets

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

Several other equities analysts also recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of SL Green Realty from $30.00 to $36.00 and gave the company a “sell” rating in a research note on Thursday, January 11th. Truist Financial lowered SL Green Realty from a “buy” rating to a “hold” rating and raised their price target for the stock from $44.00 to $47.00 in a research note on Tuesday, January 16th. TheStreet raised shares of SL Green Realty from a “d+” rating to a “c-” rating in a research note on Wednesday, January 10th. Morgan Stanley raised their target price on shares of SL Green Realty from $41.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 28th. Finally, Scotiabank boosted their price target on SL Green Realty from $40.00 to $43.00 and gave the company a “sector underperform” rating in a research report on Tuesday, April 2nd. Five analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, SL Green Realty has a consensus rating of “Hold” and a consensus price target of $47.00.

SL Green Realty Price Performance

SLG stock opened at $49.57 on Thursday. The stock’s 50 day moving average price is $49.94 and its 200 day moving average price is $43.18. The firm has a market cap of $3.21 billion, a P/E ratio of -6.00, a PEG ratio of 1.66 and a beta of 1.71. The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.23 and a current ratio of 2.23. SL Green Realty has a 1 year low of $20.51 and a 1 year high of $55.75.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the sale, the director now directly owns 6,886 shares of the company’s stock, valued at $325,363.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Betsy S. Atkins sold 9,894 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 6,886 shares in the company, valued at $325,363.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction on Friday, February 9th. The stock was sold at an average price of $44.37, for a total transaction of $227,085.66. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.

Institutional Trading of SL Green Realty

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Phocas Financial Corp. bought a new stake in SL Green Realty in the fourth quarter valued at $3,425,000. Wellington Management Group LLP bought a new stake in shares of SL Green Realty during the third quarter valued at approximately $38,666,000. Cyndeo Wealth Partners LLC acquired a new position in shares of SL Green Realty during the fourth quarter worth approximately $4,593,000. Charles Schwab Investment Management Inc. grew its holdings in SL Green Realty by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 994,094 shares of the real estate investment trust’s stock worth $37,080,000 after buying an additional 26,465 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in SL Green Realty by 893.8% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 52,959 shares of the real estate investment trust’s stock valued at $1,926,000 after acquiring an additional 47,630 shares during the period. 89.96% of the stock is currently 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.