SL Green Realty Corp. (SLG) to Issue Monthly Dividend of $0.25 on November 15th

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Monday, October 21st, Wall Street Journal reports. Investors of record on Thursday, October 31st will be given 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 is Thursday, October 31st.

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 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. Research analysts expect SL Green Realty to earn $5.34 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 56.2%.

SL Green Realty Price Performance

SLG opened at $76.80 on Tuesday. The company has a fifty day simple moving average of $69.23 and a 200 day simple moving average of $60.73. 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 stock has a market cap of $5.00 billion, a P/E ratio of -30.72, a P/E/G ratio of 2.02 and a beta of 1.83. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $79.08.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. During the same period in the prior year, the business earned $1.27 EPS. On average, research analysts expect that SL Green Realty will post 7.61 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on SLG. Evercore ISI raised their price objective on shares of SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. Truist Financial boosted their price target on SL Green Realty from $47.00 to $55.00 and gave the company a “hold” rating in a report on Friday, July 19th. StockNews.com upgraded SL Green Realty to a “sell” rating in a report on Friday, July 19th. Barclays boosted their target price on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Finally, Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $44.00 to $66.00 in a report on Friday, September 13th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and an average target price of $65.57.

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.