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

Key Points

• SL Green Realty Corporation declared a monthly dividend of $0.26 per share, with an annualized dividend yield of 5.9%, to be paid on November 17th to investors on record as of October 31st.
• Despite posting $1.58 earnings per share for the last quarter, SL Green's revenue of $149.67 million fell short of the $170.27 million consensus estimate.
• SL Green's stock is currently rated with a consensus "Hold" by analysts, with a target price ranging from $54.00 to $76.00 based on various research reports.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) announced a monthly dividend on Friday, October 17th. Investors of record on Friday, October 31st will be paid a dividend of 0.2575 per share by the real estate investment trust on Monday, November 17th. This represents a c) annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, October 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. 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 2.6%

Shares of NYSE:SLG traded down $1.38 during mid-day trading on Friday, hitting $52.45. 2,269,958 shares of the company traded hands, compared to its average volume of 940,719. The firm has a market cap of $3.74 billion, a P/E ratio of 5,250.35 and a beta of 1.77. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.72 and a current ratio of 2.72. SL Green Realty has a 52-week low of $45.15 and a 52-week high of $82.81. The firm's 50 day simple moving average is $58.33 and its 200 day simple moving average is $58.07.

SL Green Realty (NYSE:SLG - Get Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.24. SL Green Realty had a negative return on equity of 0.22% and a net margin of 1.75%.The company had revenue of $149.67 million for the quarter, compared to the consensus estimate of $170.27 million. During the same period in the previous year, the business earned $1.26 EPS. SL Green Realty's revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Truist Financial lifted their price objective on SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a report on Friday, July 18th. Evercore ISI decreased their target price on SL Green Realty from $76.00 to $72.00 and set an "outperform" rating for the company in a research report on Thursday, October 9th. New Street Research set a $72.00 target price on SL Green Realty in a research report on Thursday, October 9th. LADENBURG THALM/SH SH started coverage on SL Green Realty in a research report on Monday. They issued a "neutral" rating and a $63.00 target price for the company. Finally, JPMorgan Chase & Co. lifted their target price on SL Green Realty from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Thursday, October 9th. Six equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $67.19.

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.

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