SL Green Realty Corp. (SLG) To Go Ex-Dividend on March 31st

SL Green Realty Corp. (NYSE:SLG) announced a quarterly dividend on Thursday, March 20th, RTT News reports. Investors of record on Monday, March 31st will be paid a dividend of 0.2575 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.03 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Monday, March 31st. This is a 3.0% increase from SL Green Realty’s previous quarterly dividend of $0.25.

SL Green Realty has decreased its dividend by an average of 7.1% per year over the last three years. SL Green Realty has a payout ratio of -253.3% meaning 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 Down 1.5 %

Shares of NYSE:SLG opened at $57.40 on Friday. The company has a market cap of $4.09 billion, a PE ratio of 717.55, a price-to-earnings-growth ratio of 5.30 and a beta of 1.82. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. The firm has a 50 day simple moving average of $63.33 and a 200 day simple moving average of $69.03. SL Green Realty has a 52 week low of $47.22 and a 52 week high of $82.81.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share 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%. As a group, research analysts expect that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction on 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 directly owns 2,052 shares of the company’s stock, valued at $136,047.60. This represents a 62.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on SLG. 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. Morgan Stanley upped their price objective on shares of SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 12th. Truist Financial increased their price target on shares of SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, January 27th. Mizuho increased their price target 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. Finally, Scotiabank dropped their price target on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Friday, February 28th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $69.87.

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.