SL Green Realty Corp. Declares Monthly Dividend of $0.26 (NYSE:SLG)

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Tuesday, February 18th, Wall Street Journal reports. Investors of record on Friday, February 28th will be paid a dividend of 0.2575 per share by the real estate investment trust on Monday, March 17th. This represents a $3.09 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend is Friday, February 28th.

SL Green Realty has decreased its dividend by an average of 7.1% annually over the last three years. SL Green Realty has a payout ratio of -257.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect SL Green Realty to earn $5.58 per share next year, which means the company should continue to be able to cover its $3.09 annual dividend with an expected future payout ratio of 55.4%.

SL Green Realty Stock Performance

SLG opened at $64.47 on Wednesday. SL Green Realty has a twelve month low of $45.94 and a twelve month high of $82.81. The firm has a market capitalization of $4.25 billion, a PE ratio of 806.56, a PEG ratio of 5.30 and a beta of 1.82. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. The firm’s 50-day moving average price is $65.82 and its 200 day moving average price is $69.68.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, beating the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. As a group, sell-side analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SLG has been the topic of a number of recent analyst reports. Truist Financial upped their price objective on SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a report on Monday, January 27th. Barclays decreased their target price on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 28th. Bank of America dropped their price target on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Compass Point upped their price objective on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Finally, Wells Fargo & Company lowered their price objective on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, SL Green Realty presently has a consensus rating of “Hold” and a consensus target price of $71.07.

Insiders Place Their Bets

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the transaction, the director now owns 2,052 shares in the company, valued at $136,047.60. The trade was a 62.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.08% of the stock is owned by company insiders.

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.