SL Green Realty Corp. (NYSE:SLG) to Issue $0.25 Monthly Dividend

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Monday, November 18th,Wall Street Journal reports. Investors of record on Friday, November 29th will be given a dividend of 0.25 per share by the real estate investment trust on Monday, December 16th. This represents a $3.00 annualized dividend and a yield of 3.80%. The ex-dividend date is Friday, November 29th.

SL Green Realty has raised its dividend by an average of 1.0% annually over the last three years. SL Green Realty has a dividend payout ratio of -138.2% meaning 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 $5.33 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 56.3%.

SL Green Realty Stock Performance

Shares of SLG stock opened at $78.85 on Thursday. The company has a market cap of $5.20 billion, a P/E ratio of -31.54, a PEG ratio of 2.08 and a beta of 1.82. The business has a 50 day moving average of $74.38 and a two-hundred day moving average of $64.83. SL Green Realty has a 52 week low of $33.64 and a 52 week high of $82.81. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.06.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($1.42). The company had revenue of $229.69 million for the quarter, compared to analyst estimates of $136.66 million. SL Green Realty had a negative net margin of 16.78% and a negative return on equity of 3.76%. During the same quarter in the prior year, the firm earned $1.27 EPS. As a group, analysts anticipate that SL Green Realty will post 7.61 EPS for the current year.

Wall Street Analyst Weigh In

SLG has been the subject of several recent research reports. BMO Capital Markets restated an “outperform” rating and set a $87.00 price target (up previously from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Bank of America upped their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Morgan Stanley lifted their price target on SL Green Realty from $47.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, October 9th. Barclays increased their price objective on SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Finally, Jefferies Financial Group raised their target price on SL Green Realty from $70.00 to $72.00 and gave the company a “hold” rating in a research report on Friday, November 22nd. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $66.00.

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.