SL Green Realty (NYSE:SLG) Coverage Initiated at Credit Suisse Group

Equities research analysts at Credit Suisse Group assumed coverage on shares of SL Green Realty (NYSE:SLG – Get Rating) in a note issued to investors on Wednesday, The Fly reports. The firm set a “neutral” rating and a $51.00 price target on the real estate investment trust’s stock. Credit Suisse Group’s price target would indicate a potential upside of 6.65% from the company’s previous close.

A number of other equities analysts also recently commented on SLG. StockNews.com initiated coverage on SL Green Realty in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Truist Financial decreased their target price on SL Green Realty from $85.00 to $80.00 in a research report on Tuesday, April 26th. Morgan Stanley decreased their target price on SL Green Realty from $65.00 to $58.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 1st. Mizuho assumed coverage on SL Green Realty in a research report on Friday, April 22nd. They set a “neutral” rating and a $77.00 target price for the company. Finally, Wells Fargo & Company decreased their target price on SL Green Realty from $84.00 to $76.00 in a research report on Thursday, April 28th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $73.76.

NYSE:SLG opened at $47.82 on Wednesday. The stock’s 50 day moving average price is $62.51 and its 200 day moving average price is $72.46. SL Green Realty has a 52 week low of $46.64 and a 52 week high of $83.96. The company has a market capitalization of $3.07 billion, a P/E ratio of 7.06, a P/E/G ratio of 3.46 and a beta of 1.41. The company has a debt-to-equity ratio of 0.85, a quick ratio of 2.36 and a current ratio of 2.36.

SL Green Realty (NYSE:SLG – Get Rating) last released its quarterly earnings data on Wednesday, April 20th. The real estate investment trust reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.10. SL Green Realty had a return on equity of 9.32% and a net margin of 57.70%. The firm had revenue of $187.96 million for the quarter, compared to the consensus estimate of $163.65 million. During the same quarter in the prior year, the company posted $1.78 earnings per share. The firm’s revenue was down 16.9% on a year-over-year basis. As a group, sell-side analysts forecast that SL Green Realty will post 6.81 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp boosted its position in shares of SL Green Realty by 12.2% in the first quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust’s stock valued at $314,295,000 after acquiring an additional 419,067 shares during the period. DAVENPORT & Co LLC boosted its position in shares of SL Green Realty by 3.7% in the first quarter. DAVENPORT & Co LLC now owns 1,501,051 shares of the real estate investment trust’s stock valued at $122,222,000 after acquiring an additional 53,513 shares during the period. Confluence Investment Management LLC raised its stake in shares of SL Green Realty by 1.2% in the first quarter. Confluence Investment Management LLC now owns 1,347,654 shares of the real estate investment trust’s stock valued at $109,403,000 after purchasing an additional 15,805 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of SL Green Realty by 20.6% in the first quarter. Wellington Management Group LLP now owns 1,197,334 shares of the real estate investment trust’s stock valued at $97,200,000 after purchasing an additional 204,750 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of SL Green Realty by 13.6% in the third quarter. Bank of New York Mellon Corp now owns 1,191,513 shares of the real estate investment trust’s stock valued at $84,406,000 after purchasing an additional 142,410 shares in the last quarter. 84.49% of the stock is owned by institutional investors.

About SL Green Realty (Get Rating)

SL Green Realty Corp., an S&P 500 company and 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 December 31, 2020, SL Green held interests in 88 buildings totaling 38.2 million square feet.

See Also