SL Green Realty Corp. (NYSE:SLG) Declares Dividend Increase – $0.26 Per Share

SL Green Realty Corp. (NYSE:SLG) declared a quarterly dividend on Thursday, March 20th, RTT News reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.2575 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.03 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Monday, March 31st. This is a 3.0% increase from SL Green Realty’s previous quarterly dividend of $0.25.

SL Green Realty has decreased its dividend payment by an average of 7.1% per year over the last three years. SL Green Realty has a payout ratio of -187.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 1.4 %

Shares of NYSE SLG opened at $57.53 on Friday. The stock has a market capitalization of $4.10 billion, a PE ratio of 719.15, a P/E/G ratio of 5.30 and a beta of 1.82. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. The firm has a fifty day moving average of $62.75 and a 200-day moving average of $68.86. SL Green Realty has a 52-week low of $47.22 and a 52-week high of $82.81.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. On average, analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

Insiders Place Their Bets

In related news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Compass Point increased their target price on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Morgan Stanley increased their price objective on shares of SL Green Realty from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, March 12th. Jefferies Financial Group started coverage on shares of SL Green Realty in a report on Monday, March 17th. They set a “hold” rating and a $58.00 target price on the stock. JPMorgan Chase & Co. upgraded SL Green Realty from an “underweight” rating to a “neutral” rating and increased their price target for the company from $51.00 to $80.00 in a report on Tuesday, December 10th. Finally, Barclays reduced their price objective on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $69.87.

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.