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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Wednesday, February 19th,Wall Street Journal reports. Stockholders of record on Friday, February 28th will be paid a dividend of 0.2575 per share by the real estate investment trust on Monday, March 17th. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date of this dividend is Friday, February 28th.

SL Green Realty has decreased its dividend by an average of 7.1% per year over the last three years. SL Green Realty has a dividend payout ratio of -257.5% 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 $5.58 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 55.4%.

SL Green Realty Stock Down 0.2 %

SL Green Realty stock traded down $0.14 during midday trading on Wednesday, hitting $65.71. 741,467 shares of the stock were exchanged, compared to its average volume of 773,559. SL Green Realty has a 52-week low of $45.25 and a 52-week high of $82.81. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of 821.34, a price-to-earnings-growth ratio of 5.31 and a beta of 1.82. The business’s 50-day moving average price is $66.99 and its 200-day moving average price is $69.57. The company has a quick ratio of 2.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.90.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results 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 net margin of 2.48% and a negative return on equity of 0.10%. On average, research analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SLG. Truist Financial increased their target price on shares of SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a research report on Monday, January 27th. Barclays reduced their target price on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Bank of America reduced their target price on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and increased their target price for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Finally, Mizuho increased their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $71.07.

Insiders Place Their Bets

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now directly owns 2,052 shares in the company, valued at $136,047.60. This represents a 62.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 5.08% of the company’s stock.

SL Green Realty Company Profile

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.