SL Green Realty Corp. (NYSE:SLG) to Issue Dividend Increase – $0.26 Per Share

SL Green Realty Corp. (NYSE:SLG) announced a quarterly dividend on Thursday, March 20th, RTT News reports. Shareholders of record on Monday, March 31st will be paid a dividend of 0.2575 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.03 annualized dividend and a yield of 1.77%. This is a 3.0% increase from SL Green Realty’s previous quarterly dividend of $0.25.

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 -253.3% meaning 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 $3.09 annual dividend with an expected future payout ratio of 55.4%.

SL Green Realty Trading Down 0.7 %

SL Green Realty stock opened at $58.27 on Friday. The company has a current ratio of 2.89, a quick ratio of 2.58 and a debt-to-equity ratio of 0.90. The firm has a market cap of $4.15 billion, a PE ratio of 728.34, a P/E/G ratio of 5.30 and a beta of 1.82. The stock’s 50 day simple moving average is $63.42 and its two-hundred day simple moving average is $69.09. SL Green Realty has a 12 month low of $47.22 and a 12 month high of $82.81.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 earnings per share for the quarter, beating the consensus estimate of ($0.45) by $1.90. SL Green Realty had a negative return on equity of 0.10% and a net margin of 2.48%. Analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 2,052 shares of the company’s stock, valued at $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.08% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SLG shares. Truist Financial increased 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. Jefferies Financial Group started coverage on shares of SL Green Realty in a research report on Monday. They issued a “hold” rating and a $58.00 target price on the stock. Evercore ISI upgraded shares of SL Green Realty from an “in-line” rating to an “outperform” rating and reduced their price target for the stock from $74.00 to $73.00 in a research report on Monday. Morgan Stanley raised their target price 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. Finally, Wells Fargo & Company dropped their price target on SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, SL Green Realty presently has an average 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.