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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Tuesday, January 21st,Wall Street Journal reports. Shareholders 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 is Friday, January 31st.

SL Green Realty has decreased its dividend payment by an average of 7.2% annually over the last three years. SL Green Realty has a dividend 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. 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 Trading Up 0.2 %

NYSE:SLG opened at $67.29 on Thursday. SL Green Realty has a 1 year low of $41.88 and a 1 year high of $82.81. The business has a fifty day moving average of $71.31 and a 200-day moving average of $69.13. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. As a group, sell-side analysts forecast that SL Green Realty will post 7.78 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on SLG shares. JPMorgan Chase & Co. upgraded SL Green Realty from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Compass Point boosted 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 report on Wednesday, December 11th. Morgan Stanley upped their target price on SL Green Realty from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $90.00 price objective (up previously from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Finally, Evercore ISI increased their price target on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and a consensus price target of $68.38.

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.