SL Green Realty Corporation (NYSE:SLG) Declares $0.62 Quarterly Dividend

SL Green Realty Corporation (NYSE:SLG) declared a quarterly dividend on Wednesday, June 17th. Shareholders of record on Tuesday, June 30th will be given a dividend of 0.6175 per share by the real estate investment trust on Wednesday, July 15th. This represents a c) annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Tuesday, June 30th.

SL Green Realty has decreased its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. SL Green Realty has a payout ratio of -254.6% meaning 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 $4.84 per share next year, which means the company should continue to be able to cover its $2.47 annual dividend with an expected future payout ratio of 51.0%.

SL Green Realty Stock Performance

Shares of NYSE SLG opened at $48.88 on Thursday. The firm’s 50-day moving average price is $44.19 and its 200-day moving average price is $43.03. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $66.29. The company has a market cap of $3.49 billion, a PE ratio of -19.47 and a beta of 1.61. The company has a quick ratio of 3.03, a current ratio of 3.03 and a debt-to-equity ratio of 1.18.

Analysts Set New Price Targets

SLG has been the topic of a number of research analyst reports. Morgan Stanley lowered their price objective on shares of SL Green Realty from $43.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Citigroup decreased their target price on shares of SL Green Realty from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, March 24th. Weiss Ratings raised SL Green Realty from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, May 28th. Zacks Research upgraded SL Green Realty from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 25th. Finally, JPMorgan Chase & Co. lifted their price objective on SL Green Realty from $49.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, May 5th. Eight analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, SL Green Realty presently has an average rating of “Hold” and a consensus target price of $50.90.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.