Highlights

  • Wells Fargo maintains “equal weight” rating, citing updated sector outlook.
  • Multiple analysts adjust views and recommendations on the REIT.
  • Consensus rating stands at “Hold” with varied sentiment across brokerages.

Wells Fargo & Company recently revised its view on SL Green Realty Corp. (NYSE:SLG), maintaining an “equal weight” rating while updating its research outlook. The real estate investment trust continues to attract analyst attention amid changing market conditions in the commercial property sector.

Other major brokerages also issued updates. JPMorgan Chase & Co. reiterated a “neutral” stance following its latest sector analysis. Truist Financial maintained a “hold” recommendation, while Evercore ISI reaffirmed an “outperform” view with a revised forecast.

Jefferies Financial Group upgraded the stock to “buy” from “neutral,” indicating improved confidence in the company’s near-term fundamentals. New Street Research maintained its previously issued outlook with no change to its long-term assessment.

Consensus Overview

According to MarketBeat data, SL Green Realty has received one “sell,” ten “hold,” and five “buy” ratings from analysts. The overall consensus remains “Hold.” These ratings reflect the cautious investor sentiment surrounding the broader office real estate market, particularly in Manhattan.

Quarterly Earnings Update

SL Green Realty announced its quarterly earnings on October 15th. The company reported earnings per share (EPS) of USD 1.58, exceeding consensus estimates of USD 1.34. Revenue came in at USD 149.67 million, below expectations but up 7.2% from the same period last year.

The real estate investment trust recorded a net margin of 1.75% and a negative return on equity of 0.22%. Analysts anticipate full-year EPS of approximately 5.43.

Company Overview

SL Green Realty Corp. is a New York-based real estate investment trust (REIT) primarily focused on acquiring and managing commercial office properties in Manhattan. As of June 30, 2022, it held interests in 64 buildings totaling around 34.4 million square feet.