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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Monday, August 19th, Zacks reports. Investors of record on Friday, August 30th will be given a dividend of 0.25 per share by the real estate investment trust on Monday, September 16th. This represents a $3.00 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend is Friday, August 30th.

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 -150.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Price Performance

NYSE SLG traded up $0.45 during mid-day trading on Thursday, hitting $66.95. The stock had a trading volume of 58,381 shares, compared to its average volume of 1,045,709. The firm’s 50 day moving average is $61.13 and its 200 day moving average is $54.69. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $68.92. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59. The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of -8.06, a PEG ratio of 2.03 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 (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The business had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. During the same period last year, the company earned $1.43 EPS. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. Equities research analysts forecast that SL Green Realty will post 7.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SLG shares. Barclays raised their target price on SL Green Realty from $49.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Citigroup raised their target price on SL Green Realty from $31.00 to $37.00 and gave the stock a “sell” rating in a research note on Thursday, June 13th. StockNews.com raised SL Green Realty to a “sell” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. increased their price target on SL Green Realty from $44.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, August 6th. Finally, Evercore ISI increased their price target on SL Green Realty from $54.00 to $55.00 and gave the stock an “underperform” rating in a report on Wednesday. Six research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $53.77.

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.