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

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 is Thursday, July 31st.

SL Green Realty has a 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. 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 Price Performance

Shares of NYSE SLG traded up $0.88 during trading hours on Tuesday, reaching $60.71. 759,598 shares of the stock traded hands, compared to its average volume of 886,433. The company's 50-day simple moving average is $61.06 and its two-hundred day simple moving average is $60.16. The company has a quick ratio of 2.85, a current ratio of 2.72 and a debt-to-equity ratio of 0.98. SL Green Realty has a 52-week low of $45.15 and a 52-week high of $82.81. The company has a market capitalization of $4.33 billion, a P/E ratio of -112.43 and a beta of 1.65.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly 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. The firm had revenue of $147.54 million during the quarter, compared to analysts' expectations of $171.24 million. SL Green Realty had a negative return on equity of 1.19% and a negative net margin of 2.21%. The company's revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.05 earnings per share. Equities research analysts forecast that SL Green Realty will post 5.43 EPS for the current year.

Insider Activity

In related news, Director Carol N. Brown sold 2,500 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $60.61, for a total value of $151,525.00. Following the transaction, the director owned 937 shares of the company's stock, valued at $56,791.57. This represents a 72.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 5.04% of the company's stock.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently bought and sold shares of the business. Empowered Funds LLC grew its holdings in shares of SL Green Realty by 10.9% during the first quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust's stock worth $425,000 after buying an additional 722 shares during the last quarter. United Services Automobile Association purchased a new position in shares of SL Green Realty during the first quarter worth about $253,000. Finally, AQR Capital Management LLC grew its holdings in shares of SL Green Realty by 74.8% during the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust's stock worth $1,519,000 after buying an additional 11,506 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wall Street Zen downgraded shares of SL Green Realty from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. Wells Fargo & Company reduced their price objective 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. Truist Financial lifted their price target on SL Green Realty from $54.00 to $58.00 and gave the company a "hold" rating in a report on Friday. JPMorgan Chase & Co. lowered their price objective on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SL Green Realty in a research report on Friday, May 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, SL Green Realty currently has an average rating of "Hold" and an average price target of $65.60.

SL Green Realty Company Profile

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.