SL Green Realty Corporation (NYSE:SLG) Declares $0.26 Jul 25 Dividend

SL Green Realty Corporation (NYSE:SLG - Get Free Report) declared a jul 25 dividend on Tuesday, July 22nd, RTT News reports. Shareholders of record on Thursday, July 31st will be paid a dividend of 0.2575 per share by the real estate investment trust on Friday, August 15th. This represents a yield of 5.1%. The ex-dividend date of this dividend is Thursday, July 31st.

SL Green Realty has a dividend payout ratio of -318.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Up 1.7%

NYSE:SLG traded up $0.98 during midday trading on Friday, hitting $60.34. 377,516 shares of the company traded hands, compared to its average volume of 929,599. The firm's fifty day moving average is $61.23 and its 200-day moving average is $60.05. The firm has a market capitalization of $4.30 billion, a P/E ratio of -111.82 and a beta of 1.65. The company has a current ratio of 2.72, a quick ratio of 2.85 and a debt-to-equity ratio of 0.98. SL Green Realty has a 12-month low of $45.15 and a 12-month high of $82.81.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.26. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. The business had revenue of $147.54 million during the quarter, compared to analysts' expectations of $171.24 million. During the same period in the prior year, the business earned $2.05 EPS. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, sell-side analysts predict that SL Green Realty will post 5.43 EPS for the current year.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Carol N. Brown sold 2,500 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $60.61, for a total value of $151,525.00. Following the sale, the director directly owned 937 shares of the company's stock, valued at approximately $56,791.57. This represents a 72.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 5.04% of the company's stock.

Institutional Investors Weigh In On SL Green Realty

Large investors have recently modified their holdings of the company. United Services Automobile Association purchased a new stake in shares of SL Green Realty in the 1st quarter valued at approximately $253,000. Empowered Funds LLC raised its position in SL Green Realty by 10.9% in the first quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust's stock worth $425,000 after acquiring an additional 722 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in SL Green Realty by 74.8% in the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust's stock valued at $1,519,000 after acquiring an additional 11,506 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen downgraded SL Green Realty from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Truist Financial boosted their price target on SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a research note on Friday, July 18th. Barclays lowered their target price on SL Green Realty from $76.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company dropped their target price on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating on the stock in a report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $65.60.

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.