SL Green Realty Corp. (NYSE:SLG) Announces Quarterly Dividend of $0.26

SL Green Realty Corp. (NYSE:SLG) announced a quarterly dividend on Thursday, March 20th, RTT News reports. Shareholders of record on Monday, March 31st will be paid a dividend of 0.2575 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.03 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Monday, March 31st. This is a 3.0% increase from SL Green Realty’s previous quarterly dividend of $0.25.

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 -253.3% indicating that 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

NYSE:SLG opened at $57.40 on Friday. The company has a 50-day moving average of $63.33 and a 200-day moving average of $69.03. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 717.55, a PEG ratio of 5.30 and a beta of 1.82. SL Green Realty has a 52 week low of $47.22 and a 52 week high of $82.81. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, topping 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%. As a group, equities research analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SLG has been the subject of a number of recent analyst reports. Barclays dropped 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 research report on Tuesday, January 28th. Truist Financial increased their target price on shares of SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, January 27th. Bank of America dropped their target price on shares of 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. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $51.00 to $80.00 in a research report on Tuesday, December 10th. Finally, Evercore ISI upgraded shares of SL Green Realty from an “in-line” rating to an “outperform” rating and dropped their target price for the stock from $74.00 to $73.00 in a research report on Monday, March 17th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $69.87.

Insider Transactions at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the sale, the director now owns 2,052 shares in the company, valued at $136,047.60. The trade was a 62.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.08% of the stock is owned by corporate insiders.

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.