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

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Friday, June 14th, Zacks reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.25 per share by the real estate investment trust on Monday, July 15th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.44%. The ex-dividend date is Friday, June 28th.

SL Green Realty has increased its dividend payment by an average of 1.0% annually over the last three years. SL Green Realty has a payout ratio of -151.5% 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 $5.12 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 58.6%.

SL Green Realty Trading Down 1.0 %

Shares of SL Green Realty stock traded down $0.53 during trading hours on Wednesday, reaching $55.15. 125,801 shares of the company’s stock were exchanged, compared to its average volume of 1,136,628. SL Green Realty has a 1 year low of $27.69 and a 1 year high of $58.54. The business has a fifty day moving average of $52.75 and a two-hundred day moving average of $49.49. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.96 and a quick ratio of 2.96.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of SL Green Realty from $43.00 to $44.00 and gave the stock an “underweight” rating in a research report on Thursday, April 25th. Piper Sandler reissued an “overweight” rating and set a $58.00 price target on shares of SL Green Realty in a research report on Tuesday, March 26th. StockNews.com raised shares of SL Green Realty to a “sell” rating in a research report on Wednesday, May 8th. Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $35.00 to $48.00 in a research report on Wednesday, March 27th. Finally, Evercore ISI increased their price target on shares of SL Green Realty from $46.00 to $47.00 and gave the stock an “underperform” rating in a research report on Monday, April 22nd. Seven analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, SL Green Realty currently has a consensus rating of “Hold” and a consensus target price of $46.29.

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.