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

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Thursday, September 19th, Zacks reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.00 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date is Monday, September 30th.

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 -138.9% 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 $5.17 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 58.0%.

SL Green Realty Price Performance

SLG stock opened at $72.21 on Friday. SL Green Realty has a 52-week low of $28.55 and a 52-week high of $73.80. The stock’s fifty day simple moving average is $64.56 and its 200-day simple moving average is $56.93. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $4.70 billion, a price-to-earnings ratio of -8.74, a price-to-earnings-growth ratio of 2.22 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.09. The business had revenue of $222.82 million for the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The business’s quarterly revenue was down 9.4% on a year-over-year basis. During the same period last year, the company posted $1.43 EPS. Equities research analysts expect that SL Green Realty will post 7.58 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SLG shares. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $44.00 to $66.00 in a research report on Friday, September 13th. Barclays lifted their target price on SL Green Realty from $49.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Evercore ISI upgraded SL Green Realty from an “underperform” rating to an “inline” rating and lifted their price target for the stock from $55.00 to $66.00 in a research note on Monday. Bank of America lifted their price target on SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Finally, BMO Capital Markets lifted their price target on SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $59.64.

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.