SL Green Realty Corp. (NYSE:SLG) Announces $0.25 Monthly Dividend

SL Green Realty Corp. (NYSE:SLG - Get Free Report) declared a monthly dividend on Friday, April 19th, investing.com reports. Investors of record on Tuesday, April 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Wednesday, May 15th. This represents a $3.00 annualized dividend and a dividend yield of 6.05%. The ex-dividend date of this dividend is Monday, April 29th.

SL Green Realty has increased its dividend payment by an average of 1.0% per year over the last three years. SL Green Realty has a payout ratio of -214.3% 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 $5.18 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 57.9%.

SL Green Realty Stock Up 2.2 %

Shares of NYSE:SLG traded up $1.06 during mid-day trading on Friday, hitting $49.58. 1,564,317 shares of the company traded hands, compared to its average volume of 1,168,460. The stock has a market cap of $3.21 billion, a P/E ratio of -6.00, a P/E/G ratio of 1.31 and a beta of 1.71. The company has a current ratio of 2.96, a quick ratio of 2.23 and a debt-to-equity ratio of 1.01. SL Green Realty has a 12-month low of $20.51 and a 12-month high of $55.75. The stock has a 50-day moving average price of $49.94 and a two-hundred day moving average price of $43.24.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SLG. Truist Financial cut SL Green Realty from a "buy" rating to a "hold" rating and lifted their target price for the company from $44.00 to $47.00 in a research report on Tuesday, January 16th. The Goldman Sachs Group boosted their price objective on SL Green Realty from $30.00 to $36.00 and gave the stock a "sell" rating in a research report on Thursday, January 11th. TheStreet raised SL Green Realty from a "d+" rating to a "c-" rating in a research report on Wednesday, January 10th. Piper Sandler reissued an "overweight" rating and issued a $58.00 price objective on shares of SL Green Realty in a research report on Tuesday, March 26th. Finally, Barclays raised SL Green Realty from an "underweight" rating to an "equal weight" rating and boosted their price objective for the stock from $35.00 to $48.00 in a research report on Wednesday, March 27th. Five analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $47.00.

Insiders Place Their Bets

In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the company's stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Carol N. Brown sold 5,118 shares of the company's stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $44.37, for a total value of $227,085.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Betsy S. Atkins sold 9,894 shares of the company's stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the transaction, the director now owns 6,886 shares of the company's stock, valued at $325,363.50. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company's stock.

Hedge Funds Weigh In On SL Green Realty

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James & Associates boosted its holdings in SL Green Realty by 24.8% during the 1st quarter. Raymond James & Associates now owns 9,662 shares of the real estate investment trust's stock valued at $784,000 after acquiring an additional 1,923 shares during the period. HighTower Advisors LLC purchased a new stake in SL Green Realty during the 1st quarter valued at about $278,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in SL Green Realty during the 1st quarter valued at about $662,000. MetLife Investment Management LLC increased its position in SL Green Realty by 27.2% during the 1st quarter. MetLife Investment Management LLC now owns 41,120 shares of the real estate investment trust's stock valued at $3,338,000 after buying an additional 8,784 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in SL Green Realty by 6.2% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,494 shares of the real estate investment trust's stock valued at $1,907,000 after buying an additional 1,371 shares in the last quarter. 89.96% of the stock is currently owned by hedge funds and other institutional investors.

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.