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

SL Green Realty Corp. (NYSE:SLG) declared a quarterly dividend on Thursday, March 20th, RTT News reports. Stockholders of record on Monday, March 31st will be given 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 dividend yield of 1.77%. 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. Equities 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 Performance

Shares of NYSE:SLG traded down $0.41 during trading on Thursday, reaching $58.27. 580,759 shares of the company’s stock traded hands, compared to its average volume of 840,541. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The company has a 50 day moving average of $63.54 and a 200-day moving average of $69.17. SL Green Realty has a 12 month low of $47.22 and a 12 month high of $82.81. The stock has a market capitalization of $4.15 billion, a P/E ratio of 728.34, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last posted its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS 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 expect that SL Green Realty will post 5.43 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Compass Point raised their target price on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. upgraded shares of SL Green Realty from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $51.00 to $80.00 in a research report on Tuesday, December 10th. Jefferies Financial Group began coverage on shares of SL Green Realty in a research note on Monday. They issued a “hold” rating and a $58.00 price target on the stock. Wells Fargo & Company reduced their price objective on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Finally, Barclays decreased their price objective on 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. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $69.87.

Insider Activity

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the company’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 transaction, the director now owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.