SL Green Realty Corp. Plans Monthly Dividend of $0.26 (NYSE:SLG)

SL Green Realty Corp. (NYSE:SLG - Get Free Report) declared a monthly dividend on Tuesday, February 18th, Wall Street Journal reports. Stockholders of record on Friday, February 28th will be given a dividend of 0.2575 per share by the real estate investment trust on Monday, March 17th. This represents a $3.09 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date is Friday, February 28th.

SL Green Realty has decreased its dividend payment by an average of 7.1% per year over the last three years. SL Green Realty has a payout ratio of -257.5% 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 Trading Down 2.7 %

Shares of SLG traded down $1.72 during mid-day trading on Friday, reaching $62.72. 705,047 shares of the company's stock traded hands, compared to its average volume of 768,672. The stock has a market cap of $4.14 billion, a P/E ratio of 784.05, a P/E/G ratio of 5.40 and a beta of 1.82. The stock's 50-day moving average is $66.50 and its two-hundred day moving average is $69.53. SL Green Realty has a 12 month low of $45.87 and a 12 month high of $82.81. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58.

SL Green Realty (NYSE:SLG - Get Free Report) last released its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, beating analysts' consensus estimates of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. Research analysts forecast that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on SLG. Compass Point increased their price objective on SL Green Realty from $65.00 to $75.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 11th. Jefferies Financial Group dropped their price objective on SL Green Realty from $75.00 to $69.00 and set a "hold" rating on the stock in a research note on Thursday, January 2nd. Bank of America dropped 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. Scotiabank increased their price objective on SL Green Realty from $80.00 to $81.00 and gave the stock a "sector perform" rating in a research note on Tuesday, December 10th. Finally, Mizuho increased their target price on SL Green Realty from $45.00 to $67.00 and gave the company a "neutral" rating in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $71.07.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of SL Green Realty stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the transaction, the director now owns 2,052 shares in the company, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.08% of the company's stock.

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.