Evercore ISI Upgrades SL Green Realty Preferred Stock Outlook

A recent report indicates that Evercore ISI Group has upgraded their outlook for SL Green Realty - Preferred Stock from Underperform to In-Line. This shift suggests a more favorable view, which may affect investor sentiment and stock performance.

Date: 17-09-2024

AI Rating: 6

The report discusses the recent upgrade by Evercore ISI Group for SL Green Realty - Preferred Stock, changing its outlook from Underperform to In-Line. This upgrade is significant as it denotes a shift to a more optimistic perception of the stock’s performance, which could positively influence its market price.

Regarding institutional sentiment, 13 funds or institutions reported positions in SL Green Realty - Preferred Stock, with an average portfolio weight of 0.57%, reflecting a 6.32% increase. The total shares owned by institutions increased by 0.33% to 2,116K shares within the last three months. While the overall increase in shares held by institutions indicates confidence in the stock, it is essential to note the individual activities of different funds, which show mixed movements.

Several ETFs that hold SL Green Realty shares displayed fluctuations:

PFF - iShares Preferred and Income Securities ETF decreased its stake by 0.06%, lowering its allocation by 7.05%.
PFFA - Virtus InfraCap U.S. Preferred Stock ETF increased its holdings by 9.09%, albeit with a 2.46% cut in its allocation to SLG.PRI.
PGX - Invesco Preferred ETF saw a decrease in holdings by 2.31% along with a minor reduction in allocation.
PFFD - Global X U.S. Preferred ETF decreased both its shareholdings and allocation.
Nuveen Real Estate Income Fund also decreased its holdings by 5.67%, with a notable 14.11% cut in allocation.

This mixed sentiment among institutional shareholders indicates a cautious approach to SLG.PRI, despite the upgrade. Overall, the upgrade in outlook coupled with the varied institutional activities suggests a neutral to slightly positive sentiment among investors, which could lead to a stable performance in stock price.

Stocks: SLG.PRI