SL Green Realty Corporation (NYSE:SLG) Plans Sep 25 Dividend of $0.26

Key Points

• SL Green Realty Corporation has planned a dividend of $0.26 per share to be paid on October 15 to shareholders of record as of September 30.
• The company has a concerning payout ratio of -318.6%, indicating that it cannot currently cover its dividend through earnings and is relying on its balance sheet.
• Recent analyst ratings reflect a split opinion on the stock, with a mix of "buy" and "hold" ratings, and an average price target of $67.79.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) declared a sep 25 dividend on Friday, September 19th, RTT News reports. Investors of record on Tuesday, September 30th will be paid a dividend of 0.2575 per share by the real estate investment trust on Wednesday, October 15th. This represents a yield of 502.0%. The ex-dividend date is Tuesday, September 30th.

SL Green Realty has a dividend payout ratio of -318.6% meaning 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 0.1%

NYSE:SLG traded down $0.06 on Monday, hitting $61.60. 630,916 shares of the company's stock were exchanged, compared to its average volume of 943,469. The firm has a 50-day moving average price of $58.48 and a 200-day moving average price of $58.02. SL Green Realty has a 52 week low of $45.15 and a 52 week high of $82.81. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.72. The company has a market cap of $4.39 billion, a P/E ratio of -114.07 and a beta of 1.74.

SL Green Realty (NYSE:SLG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.26. The company 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%.During the same quarter last year, the company earned $2.05 EPS. SL Green Realty's revenue for the quarter was up 8.6% compared to the same quarter last year. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. As a group, analysts expect that SL Green Realty will post 5.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SLG has been the topic of several recent analyst reports. Evercore ISI boosted their price target on SL Green Realty from $73.00 to $76.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th. Citigroup upgraded shares of SL Green Realty from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $65.00 to $70.00 in a report on Friday, September 12th. JPMorgan Chase & Co. dropped their price target on shares of SL Green Realty from $70.00 to $69.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 9th. Scotiabank raised shares of SL Green Realty from a "sector perform" rating to a "sector outperform" rating and set a $71.00 price objective for the company in a research report on Friday, July 25th. Finally, Truist Financial boosted their price objective on shares of SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a research note on Friday, July 18th. Five analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, SL Green Realty presently has an average rating of "Hold" and an average target price of $67.79.

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.