SL Green Realty Corp. (NYSE:SLG) Plans Dividend Increase – $0.26 Per Share

SL Green Realty Corp. (NYSE:SLG) declared a quarterly dividend on Thursday, March 20th, RTT News reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.2575 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.03 annualized dividend and a yield of 1.77%. This is a 3.0% increase from SL Green Realty’s previous quarterly dividend of $0.25.

SL Green Realty has decreased its dividend by an average of 7.1% annually over the last three years. SL Green Realty has a payout ratio of -253.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Performance

NYSE:SLG opened at $58.27 on Friday. The stock has a 50-day simple moving average of $63.42 and a two-hundred day simple moving average of $69.09. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.58 and a current ratio of 2.89. SL Green Realty has a 52-week low of $47.22 and a 52-week high of $82.81. The firm has a market capitalization of $4.15 billion, a PE ratio of 728.34, a P/E/G ratio of 5.30 and a beta of 1.82.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, January 22nd. The real estate investment trust reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $1.90. SL Green Realty had a net margin of 2.48% and a negative return on equity of 0.10%. Analysts forecast that SL Green Realty will post 5.43 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Compass Point raised their price target on SL Green Realty from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Jefferies Financial Group assumed coverage on SL Green Realty in a report on Monday. They issued a “hold” rating and a $58.00 price target on the stock. Wells Fargo & Company cut their price objective on shares of SL Green Realty from $76.00 to $69.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Scotiabank dropped their target price on shares of SL Green Realty from $81.00 to $75.00 and set a “sector perform” rating for the company in a research report on Friday, February 28th. Finally, Mizuho boosted their price target on shares of SL Green Realty from $45.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $69.87.

Insider Activity at SL Green Realty

In other SL Green Realty news, Director Craig M. Hatkoff sold 3,455 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $66.30, for a total value of $229,066.50. Following the completion of the transaction, the director now directly owns 2,052 shares in the company, valued at approximately $136,047.60. The trade was a 62.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.08% of the stock is currently owned by corporate insiders.

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.