SL Green Realty Corporation (NYSE:SLG) to Issue $0.26 Quarterly Dividend

SL Green Realty Corporation (NYSE:SLG - Get Free Report) announced a quarterly dividend on Wednesday, June 18th, RTT News reports. Stockholders of record on Monday, June 30th will be given a dividend of 0.2575 per share by the real estate investment trust on Tuesday, July 15th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Monday, June 30th.

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. 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 0.5%

Shares of SLG stock traded down $0.31 during mid-day trading on Friday, reaching $64.44. 1,104,631 shares of the company were exchanged, compared to its average volume of 846,944. SL Green Realty has a fifty-two week low of $45.15 and a fifty-two week high of $82.81. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.85 and a current ratio of 2.85. The company has a market capitalization of $4.60 billion, a P/E ratio of -153.43 and a beta of 1.66. The business's 50 day simple moving average is $57.69 and its 200 day simple moving average is $61.43.

SL Green Realty (NYSE:SLG - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.13. SL Green Realty had a negative net margin of 1.30% and a negative return on equity of 0.98%. The business had revenue of $144.52 million during the quarter, compared to the consensus estimate of $158.44 million. Research analysts predict that SL Green Realty will post 5.43 earnings per share for the current year.

Institutional Investors Weigh In On SL Green Realty

Hedge funds have recently added to or reduced their stakes in the stock. United Services Automobile Association bought a new stake in SL Green Realty in the first quarter valued at $253,000. Empowered Funds LLC increased 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 valued at $425,000 after purchasing an additional 722 shares during the period. Finally, AQR Capital Management LLC increased 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 valued at $1,519,000 after purchasing an additional 11,506 shares during the period. 89.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on SLG shares. Barclays reduced their price objective 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. Morgan Stanley raised their price objective on SL Green Realty from $52.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Wednesday, March 12th. Piper Sandler reduced their price objective on SL Green Realty from $90.00 to $72.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Wall Street Zen cut SL Green Realty from a "hold" rating to a "sell" rating in a research note on Saturday, May 24th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of SL Green Realty in a research note on Friday, May 23rd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $66.33.

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.