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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Thursday, September 19th, Zacks reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.00 annualized dividend and a yield of 4.32%. The ex-dividend date is Monday, September 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 dividend payout ratio of -138.9% 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 $5.19 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 57.8%.

SL Green Realty Stock Up 0.1 %

Shares of SLG stock opened at $69.50 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59. SL Green Realty has a one year low of $28.55 and a one year high of $73.80. The company’s fifty day moving average price is $65.61 and its 200-day moving average price is $57.83. The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of -8.41, a PEG ratio of 1.98 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $133.83 million. During the same period last year, the firm earned $1.43 earnings per share. The business’s quarterly revenue was down 9.4% on a year-over-year basis. Sell-side analysts expect that SL Green Realty will post 7.58 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Bank of America raised their price objective on SL Green Realty from $59.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. StockNews.com upgraded SL Green Realty to a “sell” rating in a report on Friday, July 19th. Compass Point raised SL Green Realty from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $35.00 to $60.00 in a report on Wednesday, September 18th. Piper Sandler raised their target price on shares of SL Green Realty from $58.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Finally, BMO Capital Markets upped their price target on shares of SL Green Realty from $58.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $59.64.

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.