SL Green Realty Corp. (NYSE:SLG) Declares Quarterly Dividend of $0.26

SL Green Realty Corp. (NYSE:SLG) declared a quarterly dividend on Thursday, April 17th, RTT News reports. Shareholders of record on Wednesday, April 30th will be given a dividend of 0.2575 per share by the real estate investment trust on Thursday, May 15th. This represents a $1.03 dividend on an annualized basis and a yield of 1.97%.

SL Green Realty has decreased its dividend payment by an average of 7.1% per year over the last three years. SL Green Realty has a payout ratio of -208.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 $3.09 annual dividend with an expected future payout ratio of 55.4%.

SL Green Realty Stock Performance

Shares of SL Green Realty stock opened at $52.30 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.89 and a quick ratio of 2.58. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 653.79, a price-to-earnings-growth ratio of 5.30 and a beta of 1.61. SL Green Realty has a one year low of $45.15 and a one year high of $82.81. The stock’s 50-day moving average is $58.32 and its 200-day moving average is $66.91.

SL Green Realty (NYSE:SLG) last released its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.13. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. The firm had revenue of $144.52 million during the quarter, compared to the consensus estimate of $158.44 million. Equities analysts predict that SL Green Realty will post 5.43 earnings per share for the current fiscal year.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.30, for a total value of $229,066.50. Following the transaction, the director now directly owns 2,052 shares of the company’s stock, valued at $136,047.60. This represents a 62.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 5.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SLG. Scotiabank lowered their price target on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Friday, February 28th. Truist Financial lifted their target price on SL Green Realty from $61.00 to $62.00 and gave the company a “hold” rating in a research report on Monday, January 27th. Morgan Stanley increased their price target on SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 12th. Wells Fargo & Company lowered their price target on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Finally, Mizuho increased their price objective on SL Green Realty from $45.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $69.87.

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.