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

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Tuesday, January 21st,Wall Street Journal reports. Investors of record on Friday, January 31st will be paid a dividend of 0.2575 per share by the real estate investment trust on Tuesday, February 18th. This represents a $3.09 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date of this dividend is Friday, January 31st.

SL Green Realty has decreased its dividend payment by an average of 7.2% per year over the last three years. SL Green Realty has a dividend payout ratio of -243.3% 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 $5.53 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 55.9%.

SL Green Realty Price Performance

Shares of NYSE:SLG opened at $64.15 on Wednesday. The company has a 50-day moving average price of $70.55 and a two-hundred day moving average price of $69.38. SL Green Realty has a twelve month low of $41.88 and a twelve month high of $82.81. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $4.23 billion, a PE ratio of 801.91, a P/E/G ratio of 5.53 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.11%. Equities analysts forecast that SL Green Realty will post 5.43 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Truist Financial raised their price target on SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday. Mizuho lifted their target price on shares of SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. 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. Compass Point upped their price objective 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. Finally, Scotiabank raised their target price on SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Tuesday, December 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $69.38.

Insiders Place Their Bets

In related news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction dated 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 directly owns 2,052 shares of the company’s stock, valued at $136,047.60. This trade represents a 62.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.08% of the stock is owned by corporate 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.