SL Green Realty Corp. (SLG) To Go Ex-Dividend on November 29th

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Monday, November 18th,Wall Street Journal reports. Shareholders of record on Friday, November 29th will be paid a dividend of 0.25 per share by the real estate investment trust on Monday, December 16th. This represents a $3.00 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date is Friday, November 29th.

SL Green Realty has raised its dividend payment by an average of 1.0% per year over the last three years. SL Green Realty has a payout ratio of -138.2% 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 $5.33 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 56.3%.

SL Green Realty Stock Performance

SLG stock opened at $78.17 on Wednesday. The business’s fifty day moving average price is $74.24 and its 200 day moving average price is $64.73. SL Green Realty has a 12-month low of $32.78 and a 12-month high of $82.81. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results 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). The business had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. During the same period in the prior year, the company posted $1.27 EPS. On average, equities research analysts expect that SL Green Realty will post 7.61 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on SLG. BMO Capital Markets restated an “outperform” rating and issued a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a research note on Monday, October 21st. Piper Sandler reissued an “overweight” rating and set a $90.00 target price (up from $75.00) on shares of SL Green Realty in a research note on Monday, October 21st. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and increased their price target for the company from $44.00 to $66.00 in a research report on Friday, September 13th. Wells Fargo & Company boosted their price objective 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. Finally, The Goldman Sachs Group raised their target price on shares of SL Green Realty from $38.00 to $42.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and an average target price of $66.00.

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.