SL Green Realty Corp. (NYSE:SLG) Plans Monthly Dividend of $0.25

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Friday, April 19th, investing.com reports. Investors of record on Tuesday, April 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Wednesday, May 15th. This represents a $3.00 annualized dividend and a yield of 6.05%. The ex-dividend date is Monday, April 29th.

SL Green Realty has raised its dividend payment by an average of 1.0% per year over the last three years. SL Green Realty has a dividend payout ratio of -214.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect SL Green Realty to earn $5.19 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 57.8%.

SL Green Realty Price Performance

Shares of NYSE SLG opened at $49.58 on Friday. SL Green Realty has a fifty-two week low of $20.51 and a fifty-two week high of $55.75. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of -6.00, a PEG ratio of 1.34 and a beta of 1.71. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.23 and a current ratio of 2.96. The firm’s 50-day simple moving average is $49.94 and its 200 day simple moving average is $43.24.

Insider Buying and Selling

In related news, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the transaction, the director now directly owns 6,886 shares in the company, valued at approximately $325,363.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carol N. Brown sold 5,118 shares of SL Green Realty stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $44.37, for a total transaction of $227,085.66. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SLG. Rockefeller Capital Management L.P. grew its stake in SL Green Realty by 92.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 747 shares in the last quarter. Advisory Services Network LLC purchased a new position in SL Green Realty in the 4th quarter valued at approximately $95,000. Ameritas Investment Partners Inc. purchased a new position in SL Green Realty in the 2nd quarter valued at approximately $164,000. Tower Research Capital LLC TRC grew its position in shares of SL Green Realty by 6.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,291 shares of the real estate investment trust’s stock valued at $194,000 after purchasing an additional 249 shares in the last quarter. Finally, Atria Wealth Solutions Inc. purchased a new position in shares of SL Green Realty during the 4th quarter valued at $207,000. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SLG shares. Truist Financial cut shares of SL Green Realty from a “buy” rating to a “hold” rating and raised their price target for the company from $44.00 to $47.00 in a research report on Tuesday, January 16th. StockNews.com raised shares of SL Green Realty to a “sell” rating in a research report on Saturday, February 3rd. Piper Sandler reissued an “overweight” rating and set a $58.00 target price on shares of SL Green Realty in a research report on Tuesday, March 26th. BMO Capital Markets raised shares of SL Green Realty from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $56.00 to $58.00 in a research report on Thursday. Finally, The Goldman Sachs Group lifted their target price on shares of SL Green Realty from $30.00 to $36.00 and gave the stock a “sell” rating in a research report on Thursday, January 11th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SL Green Realty has an average rating of “Hold” and an average price target of $47.00.

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.