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

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Thursday, September 19th, Zacks reports. Investors of record on Monday, September 30th will be given a dividend of 0.25 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.00 annualized dividend and a yield of 4.17%. The ex-dividend date is Monday, September 30th.

SL Green Realty has raised its dividend by an average of 1.0% annually over the last three years. SL Green Realty has a payout ratio of -138.9% 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 $5.17 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 58.0%.

SL Green Realty Stock Down 0.3 %

Shares of SLG opened at $71.99 on Friday. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. SL Green Realty has a 52-week low of $28.55 and a 52-week high of $73.80. The company has a market cap of $4.69 billion, a PE ratio of -8.72, a P/E/G ratio of 2.22 and a beta of 1.83. The business has a fifty day moving average of $64.76 and a 200 day moving average of $57.09.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.09. The firm had revenue of $222.82 million during the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The business’s revenue was down 9.4% on a year-over-year basis. During the same quarter last year, the business earned $1.43 EPS. On average, sell-side analysts expect that SL Green Realty will post 7.58 EPS for the current year.

Wall Street Analysts Forecast Growth

SLG has been the topic of a number of analyst reports. Compass Point raised SL Green Realty from a “sell” rating to a “neutral” rating and upped their target price for the company from $35.00 to $60.00 in a research note on Wednesday. Evercore ISI raised SL Green Realty from an “underperform” rating to an “inline” rating and upped their price objective for the company from $55.00 to $66.00 in a research report on Monday, September 16th. Truist Financial lifted their target price on SL Green Realty from $47.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. Citigroup raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and boosted their target price for the company from $44.00 to $66.00 in a research note on Friday, September 13th. Finally, Wells Fargo & Company raised their price target on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 11th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, SL Green Realty has an average rating of “Hold” and an average target price of $59.64.

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.