SL Green Realty Corp. (SLG) To Go Ex-Dividend on September 30th

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Thursday, September 19th, Zacks reports. Stockholders of record on Monday, September 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.00 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Monday, September 30th.

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 payout ratio of -138.9% 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 $5.17 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 58.0%.

SL Green Realty Price Performance

Shares of SLG opened at $71.99 on Friday. The company has a market capitalization of $4.69 billion, a P/E ratio of -8.72, a price-to-earnings-growth ratio of 2.22 and a beta of 1.83. SL Green Realty has a twelve month low of $28.55 and a twelve month high of $73.80. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 0.98. The firm has a 50 day moving average of $64.76 and a 200 day moving average of $57.09.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.09. SL Green Realty had a negative return on equity of 3.92% and a negative net margin of 19.31%. The firm had revenue of $222.82 million during the quarter, compared to analysts’ expectations of $133.83 million. During the same quarter in the previous year, the business earned $1.43 earnings per share. The company’s revenue was down 9.4% on a year-over-year basis. As a group, equities research analysts anticipate that SL Green Realty will post 7.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SLG. Citigroup upgraded shares of SL Green Realty from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $44.00 to $66.00 in a research note on Friday, September 13th. Evercore ISI upgraded shares of SL Green Realty from an “underperform” rating to an “inline” rating and boosted their target price for the company from $55.00 to $66.00 in a research note on Monday, September 16th. Scotiabank raised their price target on SL Green Realty from $53.00 to $68.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. StockNews.com upgraded SL Green Realty to a “sell” rating in a research report on Friday, July 19th. Finally, Barclays raised their target price on SL Green Realty from $49.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $59.64.

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.