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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Monday, August 19th, Zacks reports. Stockholders of record on Friday, August 30th will be given a dividend of 0.25 per share by the real estate investment trust on Monday, September 16th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date of this dividend is Friday, August 30th.

SL Green Realty has increased its dividend payment by an average of 1.0% annually over the last three years. SL Green Realty has a dividend payout ratio of -150.8% 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 $5.16 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 $63.85 on Tuesday. SL Green Realty has a 1 year low of $28.55 and a 1 year high of $68.92. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.59 and a quick ratio of 2.59. The stock has a market capitalization of $4.21 billion, a PE ratio of -7.73, a P/E/G ratio of 1.99 and a beta of 1.83. The company’s 50 day simple moving average is $59.85 and its two-hundred day simple moving average is $53.71.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.09. The company had revenue of $222.82 million for the quarter, compared to analysts’ expectations 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 firm’s revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.43 EPS. Analysts predict that SL Green Realty will post 7.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SLG. BMO Capital Markets increased their price objective on shares of SL Green Realty from $58.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. StockNews.com raised shares of SL Green Realty to a “sell” rating in a research note on Friday, July 19th. Citigroup raised their target price on shares of SL Green Realty from $31.00 to $37.00 and gave the stock a “sell” rating in a report on Thursday, June 13th. Barclays lifted their price objective on shares of SL Green Realty from $49.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Finally, Truist Financial raised their target price on shares of SL Green Realty from $47.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Six investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, SL Green Realty has an average rating of “Hold” and an average target price of $52.58.

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.