SL Green Realty (NYSE:SLG) Downgraded to In-Line Rating by Evercore

SL Green Realty (NYSE:SLG) was downgraded by research analysts at Evercore from an “outperform” rating to an “in-line” rating in a note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $56.00 target price on the real estate investment trust’s stock. Evercore’s price target would indicate a potential upside of 4.92% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Citigroup decreased their price target on shares of SL Green Realty from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, March 24th. Scotiabank reaffirmed an “outperform” rating on shares of SL Green Realty in a report on Thursday, May 21st. Morgan Stanley decreased their target price on shares of SL Green Realty from $43.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Weiss Ratings upgraded shares of SL Green Realty from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, May 28th. Finally, Truist Financial raised their price objective on SL Green Realty from $44.00 to $46.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $51.20.

SL Green Realty Stock Performance

NYSE SLG opened at $53.38 on Monday. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $66.29. The company has a fifty day moving average of $46.76 and a 200-day moving average of $43.60. The company has a market capitalization of $3.81 billion, a P/E ratio of -21.26 and a beta of 1.58. The company has a debt-to-equity ratio of 1.18, a quick ratio of 3.03 and a current ratio of 3.03.

Institutional Investors Weigh In On SL Green Realty

Several hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings in shares of SL Green Realty by 12.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 727,906 shares of the real estate investment trust’s stock valued at $43,536,000 after buying an additional 81,910 shares in the last quarter. SG Americas Securities LLC grew its position in shares of SL Green Realty by 63.8% in the 4th quarter. SG Americas Securities LLC now owns 80,888 shares of the real estate investment trust’s stock worth $3,710,000 after buying an additional 31,505 shares during the period. Hosking Partners LLP increased its stake in shares of SL Green Realty by 18.5% in the 4th quarter. Hosking Partners LLP now owns 290,166 shares of the real estate investment trust’s stock worth $13,310,000 after acquiring an additional 45,337 shares in the last quarter. Levin Capital Strategies L.P. purchased a new position in SL Green Realty during the 4th quarter valued at about $3,588,000. Finally, Nan Fung Trinity HK Ltd. purchased a new position in SL Green Realty during the 4th quarter valued at about $6,230,000. 89.96% of the stock is currently owned by institutional investors.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.