SL Green Realty Corp. (NYSE:SLG) Increases Dividend to $0.26 Per Share

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Friday, December 6th,NASDAQ Dividends reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.2575 per share by the real estate investment trust on Wednesday, January 15th. This represents a $3.09 annualized dividend and a dividend yield of 4.11%. The ex-dividend date is Tuesday, December 31st. This is a boost from SL Green Realty’s previous monthly dividend of $0.25.

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 payout ratio of -156.1% 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 $5.34 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 57.9%.

SL Green Realty Stock Up 2.0 %

Shares of SLG stock traded up $1.50 during trading hours on Friday, hitting $75.16. 757,097 shares of the company were exchanged, compared to its average volume of 1,009,523. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of -30.06, a P/E/G ratio of 3.64 and a beta of 1.81. SL Green Realty has a one year low of $40.30 and a one year high of $82.81. The business’s 50-day simple moving average is $75.04 and its two-hundred day simple moving average is $65.83.

SL Green Realty (NYSE:SLG) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported ($0.21) EPS for the quarter, missing the consensus estimate of $1.21 by ($1.42). SL Green Realty had a negative return on equity of 3.76% and a negative net margin of 16.78%. The firm had revenue of $229.69 million during the quarter, compared to analyst estimates of $136.66 million. During the same quarter in the previous year, the business posted $1.27 EPS. Sell-side analysts predict that SL Green Realty will post 7.59 EPS for the current fiscal year.

Analyst Ratings Changes

SLG has been the topic of a number of research reports. Bank of America increased their target price on shares of SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Evercore ISI increased their price objective on shares of SL Green Realty from $67.00 to $79.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Barclays raised their target price on shares of SL Green Realty from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Citigroup raised SL Green Realty from a “sell” rating to a “neutral” rating and upped their target price for the company from $44.00 to $66.00 in a report on Friday, September 13th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $87.00 price target (up from $72.00) on shares of SL Green Realty in a research report on Monday, October 21st. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target 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.