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

SL Green Realty Corp. (NYSE:SLG - Get Free Report) announced a monthly dividend on Monday, October 21st, Wall Street Journal reports. Shareholders of record on Thursday, October 31st will be given a dividend of 0.25 per share by the real estate investment trust on Friday, November 15th. This represents a $3.00 annualized dividend and a yield of 3.91%. The ex-dividend date is Thursday, October 31st.

SL Green Realty has increased its dividend by an average of 1.0% per year over the last three years. SL Green Realty has a dividend payout ratio of -147.1% 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 $5.25 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 57.1%.

SL Green Realty Stock Performance

Shares of NYSE SLG traded down $0.13 during mid-day trading on Tuesday, hitting $76.67. The company had a trading volume of 814,739 shares, compared to its average volume of 988,012. SL Green Realty has a 12 month low of $28.55 and a 12 month high of $79.08. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.58 and a quick ratio of 2.59. The firm has a market cap of $4.99 billion, a P/E ratio of -30.67, a PEG ratio of 2.18 and a beta of 1.83. The business's 50-day simple moving average is $68.17 and its 200-day simple moving average is $60.07.

SL Green Realty (NYSE:SLG - Get Free Report) 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 business had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. During the same quarter in the prior year, the firm earned $1.27 EPS. As a group, analysts predict that SL Green Realty will post 7.62 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on SLG. Scotiabank upped their target price on shares of SL Green Realty from $53.00 to $68.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on SL Green Realty from $44.00 to $51.00 and gave the stock an "underweight" rating in a report on Tuesday, August 6th. Compass Point set a $65.00 price target on SL Green Realty and gave the company a "neutral" rating in a report on Friday. Barclays boosted their price objective on SL Green Realty from $66.00 to $78.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Finally, BMO Capital Markets restated an "outperform" rating and set a $87.00 target price (up previously from $72.00) on shares of SL Green Realty in a report on Monday. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $64.71.

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.