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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Monday, July 22nd, investing.com reports. Stockholders of record on Wednesday, July 31st will be paid a dividend of 0.25 per share by the real estate investment trust on Thursday, August 15th. This represents a $3.00 annualized dividend and a dividend yield of 4.57%. The ex-dividend date of this dividend is Wednesday, July 31st.

SL Green Realty has raised its dividend payment by an average of 1.0% annually over the last three years. SL Green Realty has a dividend payout ratio of -156.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect SL Green Realty to earn $5.16 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 58.1%.

SL Green Realty Stock Performance

Shares of SLG opened at $65.58 on Tuesday. The stock has a market capitalization of $4.32 billion, a PE ratio of -7.94, a price-to-earnings-growth ratio of 2.07 and a beta of 1.83. The business’s fifty day moving average price is $56.53 and its 200 day moving average price is $51.85. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.59 and a quick ratio of 2.96. SL Green Realty has a 12-month low of $28.55 and a 12-month high of $66.54.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. The company had revenue of $222.82 million for the quarter, compared to the consensus estimate of $133.83 million. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same period last year, the firm posted $1.43 EPS. Equities research analysts forecast that SL Green Realty will post 7.56 EPS for the current year.

Analysts Set New Price Targets

SLG has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price target on SL Green Realty from $43.00 to $44.00 and gave the stock an “underweight” rating in a research report on Thursday, April 25th. Evercore ISI raised their target price on SL Green Realty from $47.00 to $49.00 and gave the company an “underperform” rating in a research note on Monday, July 1st. Citigroup boosted their price target on shares of SL Green Realty from $31.00 to $37.00 and gave the company a “sell” rating in a report on Thursday, June 13th. BMO Capital Markets increased their price objective on shares of SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Scotiabank upgraded SL Green Realty from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus target price of $49.15.

About SL Green Realty

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.