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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Monday, October 21st, Wall Street Journal reports. Investors of record on Thursday, October 31st will be paid a dividend of 0.25 per share by the real estate investment trust on Friday, November 15th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Thursday, October 31st.

SL Green Realty has increased its dividend by an average of 1.0% per year over the last three years. SL Green Realty has a dividend payout ratio of -147.1% 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 $5.25 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 57.1%.

SL Green Realty Price Performance

SL Green Realty stock traded down $0.13 during mid-day trading on Tuesday, hitting $76.67. 814,789 shares of the company were exchanged, compared to its average volume of 988,012. The company has a quick ratio of 2.59, a current ratio of 2.58 and a debt-to-equity ratio of 1.07. The business has a fifty day moving average of $67.89 and a 200 day moving average of $59.90. SL Green Realty has a 1-year low of $28.55 and a 1-year high of $79.08. The company has a market capitalization of $4.99 billion, a PE ratio of -30.75, a price-to-earnings-growth ratio of 2.18 and a beta of 1.83.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The company had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. During the same quarter in the prior year, the company earned $1.27 earnings per share. As a group, sell-side analysts expect that SL Green Realty will post 7.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SLG shares. Compass Point set a $65.00 price objective on SL Green Realty and gave the stock a “neutral” rating in a research note on Friday. Wells Fargo & Company increased their target price on SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. Scotiabank increased their target price on SL Green Realty from $53.00 to $68.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. The Goldman Sachs Group increased their target price on SL Green Realty from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Wednesday, July 31st. Finally, StockNews.com upgraded SL Green Realty to a “sell” rating in a report on Friday, July 19th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and a consensus target price of $64.71.

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.