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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Tuesday, October 22nd, Wall Street Journal reports. Shareholders of record on Thursday, October 31st will be paid 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 yield of 3.91%. The ex-dividend date of this dividend is Thursday, October 31st.

SL Green Realty has raised its dividend payment by an average of 1.0% per year over the last three years. SL Green Realty has a payout ratio of -147.1% 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 $5.25 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 57.1%.

SL Green Realty Stock Performance

SLG traded down $0.13 during trading hours on Tuesday, hitting $76.67. The stock had a trading volume of 814,739 shares, compared to its average volume of 988,012. The stock has a market cap of $4.99 billion, a PE ratio of -30.75, a price-to-earnings-growth ratio of 2.18 and a beta of 1.83. SL Green Realty has a 1 year low of $28.55 and a 1 year high of $79.08. The company has a quick ratio of 2.59, a current ratio of 2.58 and a debt-to-equity ratio of 1.07. The company’s fifty day simple moving average is $67.89 and its 200 day simple moving average is $59.90.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) 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 company had revenue of $229.69 million for the quarter, compared to the consensus estimate of $136.66 million. During the same quarter in the previous year, the business earned $1.27 earnings per share. Equities analysts anticipate that SL Green Realty will post 7.62 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of SL Green Realty from $44.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, August 6th. The Goldman Sachs Group upped their target price on SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Compass Point set a $65.00 price objective on shares of SL Green Realty and gave the company a “neutral” rating in a research report on Friday. Bank of America lifted their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, August 22nd. Finally, Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and increased their price target for the stock from $44.00 to $66.00 in a research note on Friday, September 13th. Three 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 MarketBeat, the company currently has an average rating of “Hold” and an average price target of $64.71.

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.