SL Green Realty Corp. (NYSE:SLG) to Issue Monthly Dividend of $0.26

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Tuesday, January 21st,Wall Street Journal reports. Investors of record on Friday, January 31st will be given a dividend of 0.2575 per share by the real estate investment trust on Tuesday, February 18th. This represents a $3.09 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend is Friday, January 31st.

SL Green Realty has decreased its dividend payment by an average of 7.2% per year over the last three years. SL Green Realty has a payout ratio of -243.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect SL Green Realty to earn $5.43 per share next year, which means the company should continue to be able to cover its $3.09 annual dividend with an expected future payout ratio of 56.9%.

SL Green Realty Price Performance

SL Green Realty stock traded up $0.13 during trading hours on Wednesday, hitting $67.29. 1,123,657 shares of the stock were exchanged, compared to its average volume of 782,158. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market capitalization of $4.44 billion, a P/E ratio of -26.92, a P/E/G ratio of 5.41 and a beta of 1.82. SL Green Realty has a 12 month low of $41.88 and a 12 month high of $82.81. The business’s 50-day moving average is $71.31 and its two-hundred day moving average is $69.13.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. Equities research analysts expect that SL Green Realty will post 7.78 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on SLG shares. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $51.00 to $80.00 in a research note on Tuesday, December 10th. Mizuho raised their price objective on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Barclays raised their price objective on shares of SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Compass Point raised their price objective on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 target price (up from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and a consensus target price of $68.38.

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.