SL Green Realty Corp. (SLG) To Go Ex-Dividend on February 28th

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Tuesday, February 18th, Wall Street Journal reports. Shareholders of record on Friday, February 28th will be given 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 4.79%. The ex-dividend date is Friday, February 28th.

SL Green Realty has decreased its dividend payment by an average of 7.1% per year over the last three years. SL Green Realty has a dividend payout ratio of -257.5% indicating that 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 $5.58 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 Stock Up 1.7 %

NYSE:SLG opened at $64.47 on Wednesday. The firm’s 50-day moving average price is $65.82 and its 200-day moving average price is $69.68. The company has a market capitalization of $4.25 billion, a PE ratio of 806.56, a P/E/G ratio of 5.30 and a beta of 1.82. SL Green Realty has a 1-year low of $45.94 and a 1-year high of $82.81. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58.

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

Wall Street Analyst Weigh In

Several research firms have issued reports on SLG. Jefferies Financial Group cut their price target on SL Green Realty from $75.00 to $69.00 and set a “hold” rating for the company in a report on Thursday, January 2nd. Barclays reduced their target price on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Compass Point lifted their price target on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. 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 on the stock in a research note on Monday, February 3rd. Finally, Bank of America lowered their target price on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus target price of $71.07.

Insiders Place Their Bets

In related news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 2,052 shares of the company’s stock, valued at $136,047.60. This trade represents a 62.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available 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.