SL Green Realty Corp. (NYSE:SLG – Get Free Report) declared a monthly dividend on Monday, July 22nd, investing.com reports. Shareholders of record on Wednesday, July 31st will be given 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 4.64%. The ex-dividend date is Wednesday, July 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 payout ratio of -155.4% 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 $5.16 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
Shares of SL Green Realty stock opened at $64.61 on Monday. The business’s fifty day simple moving average is $56.27 and its 200 day simple moving average is $51.70. The company has a current ratio of 2.59, a quick ratio of 2.96 and a debt-to-equity ratio of 0.99. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $66.54.
Analyst Ratings Changes
A number of equities research analysts recently commented on the stock. Citigroup lifted their price target on shares of SL Green Realty from $31.00 to $37.00 and gave the stock a “sell” rating in a report on Thursday, June 13th. Evercore ISI upped their price objective on shares of SL Green Realty from $47.00 to $49.00 and gave the company an “underperform” rating in a report on Monday, July 1st. Piper Sandler lifted their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Scotiabank raised shares of SL Green Realty from a “sector underperform” rating to a “sector perform” rating and boosted their price target for the company from $43.00 to $53.00 in a research report on Tuesday, July 9th. Finally, Truist Financial raised their price objective on shares of SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Six research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $47.38.
Read Our Latest Analysis on SLG
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.
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