SL Green Realty Corp. to Issue Monthly Dividend of $0.25 (NYSE:SLG)

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Monday, July 22nd, investing.com reports. Investors of record on Wednesday, July 31st will be paid a dividend of 0.25 per share by the real estate investment trust on Thursday, August 15th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend is Wednesday, July 31st.

SL Green Realty has raised its dividend payment by an average of 1.0% annually over the last three years. SL Green Realty has a dividend payout ratio of -155.4% 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 $5.16 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 58.1%.

SL Green Realty Stock Performance

NYSE SLG opened at $64.61 on Monday. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $66.54. The company’s 50 day moving average is $56.27 and its two-hundred day moving average is $51.70. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.96 and a current ratio of 2.59.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. The business had revenue of $222.82 million during the quarter, compared to analyst estimates of $133.83 million. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. SL Green Realty’s revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.43 EPS. As a group, equities research analysts expect that SL Green Realty will post 7.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SLG has been the topic of several recent analyst reports. StockNews.com upgraded shares of SL Green Realty to a “sell” rating in a research report on Friday, July 19th. Barclays boosted their price target on shares of SL Green Realty from $48.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Evercore ISI raised their price objective on SL Green Realty from $47.00 to $49.00 and gave the company an “underperform” rating in a research report on Monday, July 1st. Truist Financial boosted 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. Finally, Scotiabank raised SL Green Realty from a “sector underperform” rating to a “sector perform” rating and increased their price target for the company from $43.00 to $53.00 in a research note on Tuesday, July 9th. Six analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $47.38.

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.