SL Green Realty Corp. Announces Monthly Dividend of $0.27 (NYSE:SLG)

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Monday, September 18th, Zacks reports. Investors of record on Friday, September 29th will be given a dividend of 0.271 per share by the real estate investment trust on Monday, October 16th. This represents a $3.25 dividend on an annualized basis and a dividend yield of 7.97%. The ex-dividend date of this dividend is Thursday, September 28th.

SL Green Realty has raised its dividend payment by an average of 0.4% per year over the last three years. SL Green Realty has a dividend payout ratio of -331.6% meaning 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 $5.50 per share next year, which means the company should continue to be able to cover its $3.25 annual dividend with an expected future payout ratio of 59.1%.

SL Green Realty Stock Up 0.0 %

SL Green Realty stock opened at $40.80 on Tuesday. The stock’s 50 day moving average is $36.23 and its 200 day moving average is $28.98. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 0.93. SL Green Realty has a one year low of $19.06 and a one year high of $46.85.

SL Green Realty (NYSE:SLG) last issued its earnings results on Thursday, July 20th. The real estate investment trust reported ($5.63) earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($6.96). The business had revenue of $221.07 million during the quarter, compared to the consensus estimate of $178.80 million. SL Green Realty had a negative return on equity of 9.66% and a negative net margin of 50.10%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.87 earnings per share. On average, research analysts anticipate that SL Green Realty will post 5.57 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Edwin T. Burton III sold 6,800 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $34.30, for a total transaction of $233,240.00. Following the completion of the sale, the director now owns 89 shares in the company, valued at $3,052.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rockefeller Capital Management L.P. lifted its position in shares of SL Green Realty by 92.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 747 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in SL Green Realty during the 2nd quarter worth about $164,000. Atria Wealth Solutions Inc. purchased a new stake in SL Green Realty during the 4th quarter worth about $207,000. Cambridge Investment Research Advisors Inc. lifted its holdings in SL Green Realty by 14.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,866 shares of the real estate investment trust’s stock worth $209,000 after purchasing an additional 1,147 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in SL Green Realty during the 2nd quarter worth about $211,000. Hedge funds and other institutional investors own 82.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Truist Financial lowered their target price on SL Green Realty from $50.00 to $47.00 and set a “buy” rating for the company in a report on Tuesday, July 25th. BMO Capital Markets downgraded SL Green Realty from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $32.00 to $35.00 in a report on Thursday, August 17th. BTIG Research decreased their price objective on SL Green Realty from $84.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, June 27th. Bank of America boosted their price objective on SL Green Realty from $27.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, August 8th. Finally, Barclays boosted their price objective on SL Green Realty from $22.00 to $26.00 in a report on Tuesday, June 27th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and an average target price of $34.93.

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.