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

SL Green Realty Corporation (NYSE:SLG) announced a aug 25 dividend on Monday, August 18th, RTT News reports. Investors of record on Friday, August 29th will be given a dividend of 0.2575 per share by the real estate investment trust on Monday, September 15th.

SL Green Realty has a 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 Performance

NYSE SLG opened at $54.17 on Monday. 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 $3.86 billion, a P/E ratio of -100.31 and a beta of 1.69. The stock has a 50-day moving average of $60.48 and a two-hundred day moving average of $58.94. SL Green Realty has a 1-year low of $45.15 and a 1-year high of $82.81.

SL Green Realty (NYSE:SLG) last issued its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, beating the consensus estimate of $1.37 by $0.26. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The company had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $171.24 million. During the same quarter last year, the company posted $2.05 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. As a group, analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

Analyst Upgrades and Downgrades

SLG has been the topic of several research analyst reports. Barclays cut their target price on SL Green Realty from $76.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 30th. Wells Fargo & Company reduced their price objective on shares of SL Green Realty from $69.00 to $58.00 and set an “equal weight” rating for the company in a research report on Monday, May 19th. Scotiabank raised shares of SL Green Realty from a “sector perform” rating to a “sector outperform” rating and set a $71.00 target price on the stock in a research report on Friday, July 25th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of SL Green Realty in a research note on Friday, May 23rd. Finally, JPMorgan Chase & Co. cut their target price on 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. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $67.29.

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.