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

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Friday, December 6th,NASDAQ Dividends reports. Shareholders of record on Tuesday, December 31st will be paid a dividend of 0.2575 per share by the real estate investment trust on Wednesday, January 15th. This represents a $3.09 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from SL Green Realty’s previous monthly dividend of $0.25.

SL Green Realty has raised its dividend by an average of 1.0% annually over the last three years. SL Green Realty has a payout ratio of -204.6% 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 $5.38 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 57.4%.

SL Green Realty Stock Performance

Shares of SLG opened at $66.24 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. SL Green Realty has a 1 year low of $41.81 and a 1 year high of $82.81. The firm has a fifty day moving average of $75.35 and a 200-day moving average of $67.89. The company has a market cap of $4.37 billion, a price-to-earnings ratio of -26.50, a price-to-earnings-growth ratio of 4.26 and a beta of 1.81.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. The firm had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. During the same period in the previous year, the firm earned $1.27 earnings per share. As a group, equities analysts anticipate that SL Green Realty will post 7.82 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. raised SL Green Realty from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $51.00 to $80.00 in a report on Tuesday, December 10th. Piper Sandler reissued an “overweight” rating and issued a $90.00 price target (up previously from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Jefferies Financial Group boosted their target price on SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, November 22nd. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and increased their price target for the company from $44.00 to $66.00 in a report on Friday, September 13th. Finally, Scotiabank boosted their price objective on shares of SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Tuesday, December 10th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $68.67.

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.