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

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Friday, April 19th, investing.com reports. Shareholders of record on Tuesday, April 30th will be given 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 5.93%. The ex-dividend date is Monday, April 29th.

SL Green Realty has raised its dividend payment by an average of 1.0% annually over the last three years. SL Green Realty has a 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. Research analysts expect SL Green Realty to earn $5.12 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 58.6%.

SL Green Realty Stock Down 0.5 %

SLG stock opened at $50.61 on Friday. The firm’s fifty day simple moving average is $50.58 and its 200-day simple moving average is $43.83. The company has a market capitalization of $3.33 billion, a P/E ratio of -6.13, a price-to-earnings-growth ratio of 1.38 and a beta of 1.71. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.96 and a quick ratio of 2.23. SL Green Realty has a 12 month low of $20.51 and a 12 month high of $55.75.

Insider Activity at SL Green Realty

In related news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Barclays upgraded shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $35.00 to $48.00 in a research report on Wednesday, March 27th. Scotiabank increased their target price on shares of SL Green Realty from $40.00 to $43.00 and gave the company a “sector underperform” rating in a research report on Tuesday, April 2nd. Truist Financial cut shares of SL Green Realty from a “buy” rating to a “hold” rating and raised their price objective for the stock from $44.00 to $47.00 in a research report on Tuesday, January 16th. Evercore ISI increased their target price on shares of SL Green Realty from $46.00 to $47.00 and gave the stock an “underperform” rating in a research note on Monday, April 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $58.00 target price on shares of SL Green Realty in a research note on Tuesday, March 26th. Six research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, SL Green Realty has a consensus rating of “Hold” and an average target price 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.