SL Green Realty Corp. (NYSE:SLG) Announces Quarterly Dividend of $0.26

SL Green Realty Corp. (NYSE:SLG) declared a quarterly dividend on Thursday, March 20th, RTT News reports. Investors 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 yield of 1.77%. 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% per year over the last three years. SL Green Realty has a dividend payout ratio of -253.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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 Stock Performance

Shares of SLG stock traded down $0.41 during trading hours on Thursday, hitting $58.27. The stock had a trading volume of 580,759 shares, compared to its average volume of 840,541. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The firm has a market capitalization of $4.15 billion, a PE ratio of 728.34, a PEG ratio of 5.30 and a beta of 1.82. The stock’s 50 day moving average is $63.54 and its 200 day moving average is $69.17. SL Green Realty has a twelve month low of $47.22 and a twelve month high of $82.81.

SL Green Realty (NYSE:SLG) last announced its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, topping the consensus estimate 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 forecast that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on SLG. Wells Fargo & Company cut 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 note on Monday, February 3rd. Mizuho boosted their target price on SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. 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 report on Wednesday, December 11th. Bank of America decreased their target price on shares of SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Finally, Morgan Stanley increased their price target on shares of SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $69.87.

Insider Activity

In related news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction dated 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 $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 5.08% of the company’s stock.

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.