SL Green Realty Corporation (NYSE:SLG) to Issue $0.26 Aug 25 Dividend

Key Points

• SL Green Realty Corporation announced an upcoming dividend of $0.2575 per share, set to be paid on September 15th to investors of record as of August 29th.
• The company has a concerning payout ratio of -318.6%, indicating it cannot cover its dividend payments solely with earnings, but expects to improve with projected earnings of $5.58 per share next year.
• SL Green Realty's stock opened at $54.17 and has a market cap of $3.86 billion, with analysts giving it a consensus rating of "Hold" and an average price target of $67.29.

SL Green Realty Corporation (NYSE:SLG - Get Free Report) announced a aug 25 dividend on Monday, August 18th, RTT News reports. Investors of record on Friday, August 29th will be paid a dividend of 0.2575 per share by the real estate investment trust on Monday, September 15th. This represents a yield of 560.0%. The ex-dividend date is Friday, August 29th.

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. 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 down $0.1180 on Thursday, hitting $54.7420. The company's stock had a trading volume of 650,731 shares, compared to its average volume of 923,465. The company has a 50-day simple moving average of $59.64 and a 200 day simple moving average of $58.72. SL Green Realty has a 1 year low of $45.15 and a 1 year high of $82.81. The company has a market capitalization of $3.90 billion, a PE ratio of -101.37 and a beta of 1.69. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.72 and a quick ratio of 2.72.

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 analysts' consensus estimates of $1.37 by $0.26. The company had revenue of $147.54 million for 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%.SL Green Realty's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the firm posted $2.05 EPS. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. Sell-side analysts forecast that SL Green Realty will post 5.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SLG. Wall Street Zen lowered SL Green Realty from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th. Truist Financial boosted their price target on SL Green Realty from $54.00 to $58.00 and gave the stock a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company decreased their price target on SL Green Realty from $69.00 to $58.00 and set an "equal weight" rating for the company in a research note on Monday, May 19th. Evercore ISI cut their price objective on SL Green Realty from $74.00 to $73.00 and set an "outperform" rating for the company in a report on Monday. Finally, JPMorgan Chase & Co. cut their price target on SL Green Realty from $70.00 to $69.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Four equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, SL Green Realty currently has a consensus rating of "Hold" and a consensus target price of $67.29.

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.