SL Green Realty Corp. (NYSE:SLG) to Issue Monthly Dividend of $0.25

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Monday, November 18th,Wall Street Journal reports. Stockholders of record on Friday, November 29th will be paid a dividend of 0.25 per share by the real estate investment trust on Monday, December 16th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Friday, November 29th.

SL Green Realty has raised its dividend by an average of 1.0% annually over the last three years. SL Green Realty has a dividend payout ratio of -138.2% 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 $5.33 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 56.3%.

SL Green Realty Stock Up 0.9 %

Shares of NYSE SLG opened at $78.85 on Thursday. The stock has a fifty day moving average price of $74.38 and a 200 day moving average price of $64.83. The company has a market cap of $5.20 billion, a P/E ratio of -31.54, a P/E/G ratio of 2.08 and a beta of 1.82. SL Green Realty has a 12-month low of $33.64 and a 12-month high of $82.81. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The company had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same quarter last year, the business posted $1.27 EPS. Research analysts anticipate that SL Green Realty will post 7.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SLG shares. Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $44.00 to $66.00 in a research note on Friday, September 13th. Jefferies Financial Group lifted their price target on shares of SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday, November 22nd. Scotiabank upped their price objective on shares of SL Green Realty from $68.00 to $80.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Barclays raised their target price on SL Green Realty from $66.00 to $78.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $90.00 price target (up previously from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, SL Green Realty presently has an average rating of “Hold” and a consensus price target of $66.00.

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.