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

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Monday, November 18th,Wall Street Journal reports. Investors of record on Friday, November 29th will be given a dividend of 0.25 per share by the real estate investment trust on Monday, December 16th. This represents a $3.00 annualized dividend and a yield of 3.87%. The ex-dividend date of this dividend is Friday, November 29th.

SL Green Realty has increased its dividend by an average of 1.0% annually 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. Equities 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 Stock Performance

Shares of SLG traded up $1.27 during midday trading on Tuesday, reaching $77.61. 455,180 shares of the stock were exchanged, compared to its average volume of 959,421. The stock’s 50 day simple moving average is $72.99 and its 200 day simple moving average is $63.60. The company has a market cap of $5.12 billion, a P/E ratio of -30.54, a PEG ratio of 2.00 and a beta of 1.82. SL Green Realty has a twelve month low of $32.78 and a twelve month high of $82.81. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. During the same quarter last year, the firm earned $1.27 EPS. On average, sell-side analysts expect that SL Green Realty will post 7.61 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on SLG shares. Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and raised their target price for the company from $44.00 to $66.00 in a report on Friday, September 13th. BMO Capital Markets restated an “outperform” rating and set a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a report on Monday, October 21st. Barclays upped 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 report on Tuesday, October 22nd. Wells Fargo & Company lifted their price target on SL Green Realty from $43.00 to $63.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 11th. Finally, The Goldman Sachs Group raised their price target on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.