SL Green Realty Corp. (NYSE:SLG) Increases Dividend to $0.26 Per Share

SL Green Realty Corp. (NYSE:SLG - Get Free Report) declared a quarterly dividend on Thursday, March 20th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.2575 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date 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% annually over the last three years. SL Green Realty has a payout ratio of -187.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Price Performance

SLG traded up $2.10 on Monday, hitting $59.49. 447,137 shares of the company's stock traded hands, compared to its average volume of 835,405. The company's 50 day simple moving average is $63.33 and its 200-day simple moving average is $69.09. SL Green Realty has a one year low of $47.22 and a one year high of $82.81. The firm has a market cap of $4.24 billion, a price-to-earnings ratio of 743.59, a P/E/G ratio of 5.30 and a beta of 1.82. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90.

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SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, topping analysts' consensus estimates 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 anticipate that SL Green Realty will post 5.43 EPS for the current year.

Insider Activity at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was 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 approximately $136,047.60. This represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.08% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Scotiabank lowered their price target on SL Green Realty from $81.00 to $75.00 and set a "sector perform" rating on the stock in a research report on Friday, February 28th. Compass Point raised their target price on shares of SL Green Realty from $65.00 to $75.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 11th. Wells Fargo & Company dropped their price target on SL Green Realty from $76.00 to $69.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Bank of America lowered their price objective on SL Green Realty from $80.00 to $73.00 and set a "neutral" rating on the stock in a research note on Monday, January 27th. Finally, Mizuho raised their target price on SL Green Realty from $45.00 to $67.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $69.87.

SL Green Realty Company Profile

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.