SL Green Realty Corp. (SLG) to Issue Monthly Dividend of $0.26 on January 15th

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Friday, December 6th,NASDAQ Dividends reports. Investors of record on Tuesday, December 31st will be given a dividend of 0.2575 per share by the real estate investment trust on Wednesday, January 15th. This represents a $3.09 annualized dividend and a yield of 4.66%. The ex-dividend date is Tuesday, December 31st. This is an increase from SL Green Realty’s previous monthly dividend of $0.25.

SL Green Realty has raised its dividend by an average of 1.0% per year over the last three years. SL Green Realty has a payout ratio of -204.6% meaning 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 $5.38 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 57.4%.

SL Green Realty Trading Down 2.7 %

NYSE SLG opened at $66.24 on Friday. The company has a 50-day moving average of $75.35 and a 200-day moving average of $67.89. The company has a debt-to-equity ratio of 1.06, a current ratio of 2.58 and a quick ratio of 2.58. SL Green Realty has a 12 month low of $41.81 and a 12 month high of $82.81. The company has a market cap of $4.37 billion, a P/E ratio of -26.50, a P/E/G ratio of 4.26 and a beta of 1.81.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The company had revenue of $229.69 million for the quarter, compared to analysts’ expectations of $136.66 million. During the same period in the prior year, the business earned $1.27 EPS. As a group, equities analysts predict that SL Green Realty will post 7.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

SLG has been the topic of several research analyst reports. Jefferies Financial Group boosted their target price on SL Green Realty from $70.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, November 22nd. Scotiabank lifted their target price on SL Green Realty from $80.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Tuesday, December 10th. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and increased their price target for the company from $44.00 to $66.00 in a report on Friday, September 13th. Evercore ISI raised their price objective on SL Green Realty from $67.00 to $79.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $87.00 target price (up from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $68.67.

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.