SL Green Realty Corporation (SLG) to Distribute Quarterly Dividend of $0.62 on July 15th

SL Green Realty Corporation (NYSE:SLG) declared a quarterly dividend on Wednesday, June 17th. Shareholders of record on Tuesday, June 30th will be paid a dividend of 0.6175 per share by the real estate investment trust on Wednesday, July 15th. This represents a c) dividend on an annualized basis and a dividend yield of 4.7%. 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 increased its dividend every year for the last 1 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. Equities research analysts expect SL Green Realty to earn $4.83 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 51.1%.

SL Green Realty Stock Performance

Shares of NYSE:SLG opened at $52.03 on Friday. The firm has a fifty day simple moving average of $45.77 and a two-hundred day simple moving average of $43.29. SL Green Realty has a 52 week low of $34.77 and a 52 week high of $66.29. The company has a quick ratio of 3.03, a current ratio of 3.03 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $3.72 billion, a P/E ratio of -20.73 and a beta of 1.61.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its holdings in shares of SL Green Realty by 74.8% in the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock valued at $1,519,000 after purchasing an additional 11,506 shares during the period. United Services Automobile Association bought a new stake in SL Green Realty during the 1st quarter valued at $253,000. Empowered Funds LLC raised its position in SL Green Realty by 10.9% during the 1st quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock valued at $425,000 after purchasing an additional 722 shares in the last quarter. Creative Planning purchased a new stake in shares of SL Green Realty in the 2nd quarter worth $421,000. Finally, California Public Employees Retirement System lifted its holdings in shares of SL Green Realty by 4.6% in the 2nd quarter. California Public Employees Retirement System now owns 131,528 shares of the real estate investment trust’s stock worth $8,142,000 after buying an additional 5,789 shares during the period. 89.96% of the stock is currently owned by institutional investors.

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.