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

SL Green Realty Corporation (NYSE:SLG) declared a quarterly dividend on Wednesday, June 18th, RTT News reports. Stockholders of record on Monday, June 30th will be paid a dividend of 0.2575 per share by the real estate investment trust on Tuesday, July 15th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 1.59%.

SL Green Realty has a dividend 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. 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 Trading Up 0.3%

Shares of SL Green Realty stock opened at $64.69 on Thursday. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of -154.02 and a beta of 1.66. SL Green Realty has a 52-week low of $45.15 and a 52-week high of $82.81. The company’s 50-day simple moving average is $57.09 and its 200-day simple moving average is $61.66. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 0.99.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.13. The firm had revenue of $144.52 million for the quarter, compared to the consensus estimate of $158.44 million. SL Green Realty had a negative net margin of 1.30% and a negative return on equity of 0.98%. As a group, equities research analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current year.

Hedge Funds Weigh In On SL Green Realty

Several institutional investors and hedge funds have recently modified their holdings of the company. Empowered Funds LLC lifted its stake in shares of SL Green Realty by 10.9% during the first quarter. Empowered Funds LLC now owns 7,374 shares of the real estate investment trust’s stock valued at $425,000 after buying an additional 722 shares during the period. United Services Automobile Association purchased a new position in shares of SL Green Realty during the first quarter valued at approximately $253,000. Finally, AQR Capital Management LLC lifted its stake in shares of SL Green Realty by 74.8% during the first quarter. AQR Capital Management LLC now owns 26,883 shares of the real estate investment trust’s stock valued at $1,519,000 after buying an additional 11,506 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on SLG shares. Evercore ISI raised shares of SL Green Realty from an “in-line” rating to an “outperform” rating and decreased their price objective for the stock from $74.00 to $73.00 in a report on Monday, March 17th. Truist Financial decreased their price objective on shares of SL Green Realty from $62.00 to $54.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Piper Sandler decreased their price objective on shares of SL Green Realty from $90.00 to $72.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Morgan Stanley upped their price target on shares of SL Green Realty from $52.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday, March 12th. Finally, Wells Fargo & Company reduced their price target on shares of SL Green Realty from $69.00 to $58.00 and set an “equal weight” rating on the stock in a report on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, SL Green Realty presently has a consensus rating of “Hold” and a consensus price target of $66.33.

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.