SL Green Realty Corp. (NYSE:SLG) Announces Monthly Dividend of $0.25

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Thursday, September 19th, Zacks reports. Investors of record on Monday, September 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date is Monday, September 30th.

SL Green Realty has raised its dividend payment by an average of 1.0% annually over the last three years. SL Green Realty has a dividend payout ratio of -138.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect SL Green Realty to earn $5.17 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 58.0%.

SL Green Realty Stock Up 0.2 %

Shares of NYSE SLG opened at $72.21 on Friday. The stock has a market cap of $4.70 billion, a PE ratio of -8.74, a price-to-earnings-growth ratio of 2.22 and a beta of 1.83. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty has a 52-week low of $28.55 and a 52-week high of $73.80. The business has a 50-day moving average price of $64.56 and a 200 day moving average price of $56.93.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.09. The firm had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The firm’s revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.43 EPS. Equities research analysts forecast that SL Green Realty will post 7.58 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on the company. Truist Financial upped their price objective on SL Green Realty from $47.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Evercore ISI raised SL Green Realty from an “underperform” rating to an “inline” rating and increased their target price for the stock from $55.00 to $66.00 in a research note on Monday. Compass Point raised SL Green Realty from a “sell” rating to a “neutral” rating and increased their target price for the stock from $35.00 to $60.00 in a research note on Wednesday. The Goldman Sachs Group increased their target price on SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Finally, Scotiabank increased their target price on SL Green Realty from $53.00 to $68.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $59.64.

About SL Green Realty

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.