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

SL Green Realty Corporation (NYSE:SLG) declared a quarterly dividend on Monday, March 23rd. Stockholders of record on Tuesday, March 31st will be paid a dividend of 0.6175 per share by the real estate investment trust on Wednesday, April 15th. This represents a c) dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date of this dividend is Tuesday, March 31st.

SL Green Realty has decreased its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 1 consecutive years. SL Green Realty has a dividend payout ratio of -238.1% 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 $5.58 per share next year, which means the company should continue to be able to cover its $2.31 annual dividend with an expected future payout ratio of 41.4%.

SL Green Realty Price Performance

Shares of SLG traded up $1.37 during mid-day trading on Monday, hitting $38.85. The company’s stock had a trading volume of 1,901,408 shares, compared to its average volume of 1,409,960. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 1.05. SL Green Realty has a 1-year low of $35.03 and a 1-year high of $66.91. The firm has a market capitalization of $2.77 billion, a P/E ratio of -24.13 and a beta of 1.66. The firm has a 50-day simple moving average of $41.62 and a 200 day simple moving average of $48.18.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The firm had revenue of $159.82 million during the quarter, compared to analysts’ expectations of $162.73 million. During the same quarter in the prior year, the business posted $1.81 earnings per share. SL Green Realty’s revenue was up 14.5% compared to the same quarter last year. Analysts predict that SL Green Realty will post 5.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SLG. Raymond James Financial set a $44.00 price target on shares of SL Green Realty in a report on Tuesday, February 3rd. The Goldman Sachs Group set a $37.00 target price on shares of SL Green Realty and gave the stock a “sell” rating in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of SL Green Realty in a report on Wednesday, January 21st. Morgan Stanley set a $43.00 price target on SL Green Realty in a research note on Thursday, January 29th. Finally, LADENBURG THALM/SH SH lowered their price target on SL Green Realty from $60.00 to $50.00 and set a “neutral” rating on the stock in a report on Thursday, December 18th. Eight research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, SL Green Realty currently has an average rating of “Hold” and an average target price of $52.80.

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.