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

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Thursday, September 19th, Zacks reports. Stockholders of record on Monday, September 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date is Monday, September 30th.

SL Green Realty has increased its dividend payment by an average of 1.0% per year over the last three years. SL Green Realty has a payout ratio of -138.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect SL Green Realty to earn $5.19 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 57.8%.

SL Green Realty Stock Performance

Shares of SLG opened at $69.50 on Friday. The company has a market cap of $4.53 billion, a PE ratio of -8.41, a price-to-earnings-growth ratio of 1.98 and a beta of 1.83. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 0.98. The stock has a 50-day moving average price of $65.61 and a 200-day moving average price of $57.78. SL Green Realty has a 12-month low of $28.55 and a 12-month high of $73.80.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. The firm 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 quarter last year, the company posted $1.43 EPS. As a group, equities analysts forecast that SL Green Realty will post 7.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SLG has been the subject of a number of recent research reports. Piper Sandler boosted their target price on SL Green Realty from $58.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Wells Fargo & Company boosted their target price on SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 11th. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $44.00 to $66.00 in a research report on Friday, September 13th. Scotiabank boosted their price objective on SL Green Realty from $53.00 to $68.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Finally, Barclays boosted their price objective on SL Green Realty from $49.00 to $58.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and an average price target of $59.64.

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.