SL Green Realty Corp. Plans Monthly Dividend of $0.26 (NYSE:SLG)

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Tuesday, February 18th,Wall Street Journal reports. Investors 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 dividend yield of 4.70%. The ex-dividend date is Friday, February 28th.

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 payout ratio of -257.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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

Shares of NYSE:SLG traded down $0.14 on Wednesday, hitting $65.71. The company’s stock had a trading volume of 741,600 shares, compared to its average volume of 774,688. The company has a 50-day simple moving average of $66.99 and a 200 day simple moving average of $69.57. SL Green Realty has a 1 year low of $45.25 and a 1 year high of $82.81. The company has a market capitalization of $4.33 billion, a PE ratio of 821.34, a PEG ratio of 5.31 and a beta of 1.82. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.21 and a quick ratio of 2.58.

SL Green Realty (NYSE:SLG) last released 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%. Sell-side analysts forecast that SL Green Realty will post 5.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the sale, the director now directly owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.08% of the company’s stock.

Analyst Ratings Changes

SLG has been the topic of several recent analyst reports. Mizuho raised their price target on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Wells Fargo & Company decreased their price objective on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Compass Point raised their price objective on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Truist Financial raised their price objective on SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a report on Monday, January 27th. Finally, Barclays cut their price objective on SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 28th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $71.07.

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.