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 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 5.93%. The ex-dividend date of this dividend is Monday, April 29th.

SL Green Realty has increased its dividend payment by an average of 1.0% annually over the last three years. SL Green Realty has a dividend payout ratio of -214.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 %

Shares of NYSE:SLG opened at $50.61 on Friday. The company has a quick ratio of 2.23, a current ratio of 2.96 and a debt-to-equity ratio of 1.01. SL Green Realty has a 52-week low of $20.51 and a 52-week high of $55.75. The company has a 50 day moving average of $50.58 and a two-hundred day moving average of $43.83. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of -6.13, a price-to-earnings-growth ratio of 1.38 and a beta of 1.71.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was 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 through this hyperlink. 5.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SLG shares. Scotiabank raised their price target on shares of SL Green Realty from $40.00 to $43.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, April 2nd. Piper Sandler reissued an “overweight” rating and set a $58.00 price target on shares of SL Green Realty in a research report on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of SL Green Realty in a research report on Tuesday, January 30th. They set a “hold” rating and a $50.00 price target for the company. BMO Capital Markets raised shares of SL Green Realty from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $56.00 to $58.00 in a research report on Thursday, April 18th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of SL Green Realty from $43.00 to $44.00 and gave the stock an “underweight” rating in a report on Thursday. Six investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $47.00.

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.