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

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Friday, April 19th, investing.com reports. Shareholders of record on Tuesday, April 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Wednesday, May 15th. This represents a $3.00 dividend on an annualized basis and a yield of 5.93%. The ex-dividend date is Monday, April 29th.

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 dividend payout ratio of -214.3% meaning 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 $5.12 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 58.6%.

SL Green Realty Stock Down 0.6 %

Shares of NYSE:SLG opened at $50.58 on Friday. The business’s 50-day moving average is $50.58 and its 200-day moving average is $43.76. SL Green Realty has a 1 year low of $20.51 and a 1 year high of $55.75. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.96 and a quick ratio of 2.23.

Analysts Set New Price Targets

SLG has been the topic of several recent analyst reports. Truist Financial lowered SL Green Realty from a “buy” rating to a “hold” rating and boosted their price target for the company from $44.00 to $47.00 in a research note on Tuesday, January 16th. TheStreet upgraded shares of SL Green Realty from a “d+” rating to a “c-” rating in a research report on Wednesday, January 10th. Barclays upgraded shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $35.00 to $48.00 in a report on Wednesday, March 27th. BMO Capital Markets upgraded shares of SL Green Realty from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $56.00 to $58.00 in a report on Thursday, April 18th. Finally, Deutsche Bank Aktiengesellschaft began coverage on SL Green Realty in a research note on Tuesday, January 30th. They issued a “hold” rating and a $50.00 target price for the company. Six research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $47.00.

Insider Transactions at SL Green Realty

In related news, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 5.60% of the company’s stock.

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.