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

by · The Markets Daily

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

SL Green Realty has decreased its dividend by an average of 7.1% annually over the last three years. SL Green Realty has a dividend 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 Down 0.0 %

SLG traded down $0.01 during trading on Thursday, hitting $52.30. The company had a trading volume of 1,295,972 shares, compared to its average volume of 866,247. The company has a quick ratio of 2.58, a current ratio of 2.89 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $3.73 billion, a PE ratio of 653.79, a PEG ratio of 5.30 and a beta of 1.61. The firm’s 50-day moving average price is $58.57 and its 200 day moving average price is $67.03. SL Green Realty has a one year low of $45.15 and a one year high of $82.81.

SL Green Realty (NYSE:SLG – Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 EPS for the quarter, topping the consensus estimate of $1.27 by $0.13. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. The firm had revenue of $144.52 million for the quarter, compared to analysts’ expectations of $158.44 million. As a group, equities analysts expect that SL Green Realty will post 5.43 earnings per share for the current year.

Insider Activity at SL Green Realty

In other news, Director Craig M. Hatkoff sold 3,455 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.30, for a total transaction of $229,066.50. Following the completion of the transaction, the director now owns 2,052 shares of the company’s stock, valued at approximately $136,047.60. This trade represents a 62.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.08% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SLG has been the topic of a number of recent analyst reports. Barclays lowered their target price on shares of SL Green Realty from $78.00 to $76.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. Jefferies Financial Group initiated coverage on SL Green Realty in a research report on Monday, March 17th. They set a “hold” rating and a $58.00 price target on the stock. Bank of America decreased their target price on SL Green Realty from $80.00 to $73.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Scotiabank reduced their price objective on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research report on Friday, February 28th. Finally, Truist Financial raised their target price on shares of SL Green Realty from $61.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, January 27th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $69.87.

View Our Latest Research Report on SLG

About SL Green Realty

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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.

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