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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Tuesday, February 18th,Wall Street Journal reports. Shareholders of record on Friday, February 28th will be given 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 yield of 4.70%. The ex-dividend date of this dividend is Friday, February 28th.

SL Green Realty has decreased its dividend payment by an average of 7.1% per year over the last three years. SL Green Realty has a payout ratio of -257.5% 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 $5.58 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 Price Performance

SLG stock opened at $65.71 on Thursday. SL Green Realty has a 52 week low of $45.25 and a 52 week high of $82.81. The company has a quick ratio of 2.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.90. The company has a fifty day simple moving average of $66.66 and a two-hundred day simple moving average of $69.56. The firm has a market capitalization of $4.33 billion, a P/E ratio of 821.34, a price-to-earnings-growth ratio of 5.42 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data 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 net margin of 2.48% and a negative return on equity of 0.10%. Analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the sale, the director now owns 2,052 shares in the company, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 5.08% of the company’s stock.

Analysts Set New Price Targets

SLG has been the topic of several recent analyst reports. Jefferies Financial Group reduced their target price on shares of SL Green Realty from $75.00 to $69.00 and set a “hold” rating on the stock in a research note on Thursday, January 2nd. Truist Financial increased their target price on shares of SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, January 27th. Compass Point increased their target price on shares of SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Scotiabank increased their target price on shares of SL Green Realty from $80.00 to $81.00 and gave the company a “sector perform” rating in a research note on Tuesday, December 10th. Finally, Wells Fargo & Company reduced their target price on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, SL Green Realty has an average rating of “Hold” and a consensus target price of $71.07.

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.