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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Monday, August 19th, Zacks reports. Stockholders of record on Friday, August 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Monday, September 16th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date of this dividend is Friday, August 30th.

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 -150.8% 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 $5.16 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 58.1%.

SL Green Realty Stock Performance

Shares of SLG stock opened at $63.25 on Wednesday. The company has a market cap of $4.17 billion, a price-to-earnings ratio of -7.66, a price-to-earnings-growth ratio of 1.99 and a beta of 1.83. The stock has a 50 day simple moving average of $60.06 and a 200-day simple moving average of $53.83. SL Green Realty has a 12-month low of $28.55 and a 12-month high of $68.92. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. The business had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The company’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.43 EPS. On average, equities analysts forecast that SL Green Realty will post 7.58 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Citigroup raised their price objective on SL Green Realty from $31.00 to $37.00 and gave the company a “sell” rating in a research note on Thursday, June 13th. StockNews.com raised SL Green Realty to a “sell” rating in a research note on Friday, July 19th. Barclays raised their price objective on SL Green Realty from $49.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Evercore ISI raised their price target on SL Green Realty from $47.00 to $49.00 and gave the stock an “underperform” rating in a research report on Monday, July 1st. Finally, BMO Capital Markets raised their price target on SL Green Realty from $58.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. Six research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $52.58.

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.