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

SL Green Realty Corporation (NYSE:SLG) declared a quarterly dividend on Friday, September 18th. Investors of record on Wednesday, September 30th will be paid a dividend of 0.6175 per share by the real estate investment trust on Thursday, October 15th. This represents a c) dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Wednesday, September 30th.

SL Green Realty has decreased its dividend by an average of 0.1%per year 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 $5.91 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 41.8%.

SL Green Realty Stock Performance

SLG opened at $52.16 on Friday. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 1.05. The company’s fifty day moving average price is $54.36 and its two-hundred day moving average price is $47.36. SL Green Realty has a 1-year low of $34.77 and a 1-year high of $63.03. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -19.11, a PEG ratio of 2.25 and a beta of 1.60.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.21. The firm had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $179.01 million. SL Green Realty had a negative net margin of 16.92% and a negative return on equity of 4.37%. The business’s revenue was up 16.5% on a year-over-year basis. During the same period last year, the company earned $1.63 earnings per share. On average, analysts expect that SL Green Realty will post 5.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Citigroup reissued a “buy” rating and set a $60.00 price objective (up from $45.00) on shares of SL Green Realty in a report on Friday, July 24th. Barclays raised their price target on shares of SL Green Realty from $52.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 8th. JPMorgan Chase & Co. boosted their price objective on SL Green Realty from $51.00 to $61.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 25th. Wall Street Zen raised shares of SL Green Realty from a “strong sell” rating to a “sell” rating in a report on Saturday, September 5th. Finally, Wells Fargo & Company set a $56.50 target price on SL Green Realty and gave the stock an “equal weight” rating in a research report on Tuesday, September 1st. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $57.23.

About SL Green Realty

SL Green Realty Corp. is a self-managed real estate investment trust focused primarily on acquiring, owning, managing and operating commercial properties in Manhattan. The company’s portfolio is centered on office buildings, with additional interests in retail, residential and other mixed-use real estate.

SL Green leases space to businesses across a range of industries and provides property management, leasing, development and redevelopment services. Its Manhattan holdings include prominent office properties such as One Vanderbilt, along with retail and hospitality-related assets.