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

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Monday, October 21st, Wall Street Journal reports. Stockholders of record on Thursday, October 31st will be given a dividend of 0.25 per share by the real estate investment trust on Friday, November 15th. This represents a $3.00 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Thursday, October 31st.

SL Green Realty has increased its dividend by an average of 1.0% per year over the last three years. SL Green Realty has a dividend payout ratio of -156.3% meaning 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 $5.34 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 56.2%.

SL Green Realty Trading Up 0.9 %

Shares of SL Green Realty stock opened at $77.47 on Wednesday. The business has a 50 day moving average price of $69.52 and a 200 day moving average price of $60.92. The company has a market capitalization of $5.04 billion, a P/E ratio of -30.99, a P/E/G ratio of 2.02 and a beta of 1.83. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.58 and a quick ratio of 2.59. SL Green Realty has a 1 year low of $28.55 and a 1 year high of $79.08.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The company had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. During the same period last year, the firm earned $1.27 earnings per share. Sell-side analysts anticipate that SL Green Realty will post 7.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SLG has been the topic of several analyst reports. Bank of America raised their price target on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Piper Sandler restated an “overweight” rating and set a $90.00 target price (up previously from $75.00) on shares of SL Green Realty in a research report on Monday, October 21st. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and boosted their price target for the company from $44.00 to $66.00 in a report on Friday, September 13th. Scotiabank increased their price target on SL Green Realty from $68.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Finally, Morgan Stanley lifted their price objective on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 9th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and a consensus target price of $65.57.

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.