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

Key Points

• SL Green Realty declared a quarterly dividend of $0.6175 per share, payable October 15 to shareholders of record on September 30. The dividend implies an annualized payout of approximately $2.47 per share and a 4.7% yield.
• The REIT’s current payout ratio is negative at -254.6%, reflecting that earnings do not currently cover the dividend; however, analysts expect next year’s earnings to support a projected payout ratio of 41.8%.
• SL Green reported quarterly revenue of $264 million, up 16.5% year over year, and an adjusted loss of $0.38 per share that exceeded analyst expectations. Institutional investors own nearly 90% of the company, while an insider recently sold 23,113 shares.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) declared a quarterly dividend on Friday, September 18th. Shareholders 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) annualized dividend and a 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%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. SL Green Realty has a dividend payout ratio of -254.6% indicating that 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 $5.91 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 Down 0.4%

Shares of NYSE:SLG traded down $0.19 during trading on Friday, reaching $52.16. 1,989,363 shares of the stock traded hands, compared to its average volume of 1,190,432. The stock has a 50-day moving average of $54.29 and a two-hundred day moving average of $47.33. SL Green Realty has a 52-week low of $34.77 and a 52-week high of $63.03. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.10 and a current ratio of 3.10. The stock has a market cap of $3.71 billion, a P/E ratio of -19.11, a price-to-earnings-growth ratio of 2.22 and a beta of 1.60.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The real estate investment trust reported ($0.38) earnings per share for the quarter, topping analysts' consensus estimates of ($0.59) by $0.21. The company had revenue of $264.00 million during the quarter, compared to analyst estimates 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 firm's revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.63 EPS. As a group, sell-side analysts expect that SL Green Realty will post 5.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SL Green Realty news, insider Harrison Sitomer sold 23,113 shares of the firm's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $57.71, for a total value of $1,333,851.23. Following the transaction, the insider directly owned 109,468 shares of the company's stock, valued at approximately $6,317,398.28. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.94% of the company's stock.

Institutional Investors Weigh In On SL Green Realty

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of SL Green Realty during the 2nd quarter worth $706,881,000. Cohen & Steers Inc. purchased a new stake in shares of SL Green Realty in the 4th quarter worth $121,675,000. Deutsche Bank AG bought a new position in SL Green Realty in the 2nd quarter worth $58,202,000. Goldman Sachs Group Inc. raised its holdings in SL Green Realty by 62.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust's stock worth $133,862,000 after purchasing an additional 1,117,357 shares during the period. Finally, Norges Bank purchased a new position in SL Green Realty during the fourth quarter valued at $44,094,000. Hedge funds and other institutional investors own 89.96% of the company's stock.

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.

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