SL Green Realty Corp. (NYSE:SLG) Declares $0.26 Monthly Dividend

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Wednesday, February 19th,Wall Street Journal reports. Shareholders of record on Friday, February 28th will be paid a dividend of 0.2575 per share by the real estate investment trust on Monday, March 17th. This represents a $3.09 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date is Friday, February 28th.

SL Green Realty has decreased its dividend payment by an average of 7.1% annually over the last three years. SL Green Realty has a dividend payout ratio of -257.5% 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 $5.58 per share next year, which means the company should continue to be able to cover its $3.09 annual dividend with an expected future payout ratio of 55.4%.

SL Green Realty Price Performance

SL Green Realty stock traded down $0.14 during mid-day trading on Wednesday, reaching $65.71. The company had a trading volume of 741,467 shares, compared to its average volume of 773,559. SL Green Realty has a fifty-two week low of $45.25 and a fifty-two week high of $82.81. The company has a current ratio of 3.21, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. The company has a market cap of $4.33 billion, a P/E ratio of 821.34, a P/E/G ratio of 5.31 and a beta of 1.82. The business has a fifty day simple moving average of $66.99 and a 200 day simple moving average of $69.57.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. On average, equities research analysts predict that SL Green Realty will post 5.43 earnings per share for the current year.

Analysts Set New Price Targets

SLG has been the subject of several analyst reports. JPMorgan Chase & Co. raised shares of SL Green Realty from an “underweight” rating to a “neutral” rating and raised their price target for the company from $51.00 to $80.00 in a research note on Tuesday, December 10th. Truist Financial raised their price target on shares of SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, January 27th. Scotiabank raised their price target on shares of SL Green Realty from $80.00 to $81.00 and gave the company a “sector perform” rating in a research note on Tuesday, December 10th. Jefferies Financial Group dropped their price target on shares of SL Green Realty from $75.00 to $69.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. Finally, Wells Fargo & Company lowered their target price on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $71.07.

Insiders Place Their Bets

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the sale, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.08% of the company’s stock.

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.