SL Green Realty Corp. (SLG) To Go Ex-Dividend on September 30th

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Thursday, September 19th, Zacks reports. Shareholders of record on Monday, September 30th will be given a dividend of 0.25 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.00 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend is Monday, September 30th.

SL Green Realty has increased its dividend by an average of 1.0% annually over the last three years. SL Green Realty has a payout ratio of -138.9% 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 analysts expect SL Green Realty to earn $5.19 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 57.8%.

SL Green Realty Stock Performance

NYSE:SLG opened at $69.50 on Friday. The company has a market capitalization of $4.53 billion, a PE ratio of -8.41, a P/E/G ratio of 1.98 and a beta of 1.83. The company has a 50 day simple moving average of $65.61 and a two-hundred day simple moving average of $57.78. The company has a debt-to-equity ratio of 0.98, a quick ratio of 2.59 and a current ratio of 2.59. SL Green Realty has a fifty-two week low of $28.55 and a fifty-two week high of $73.80.

SL Green Realty (NYSE:SLG) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.09. The business had revenue of $222.82 million during the quarter, compared to the consensus estimate of $133.83 million. SL Green Realty had a negative net margin of 19.31% and a negative return on equity of 3.92%. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.43 EPS. Research analysts anticipate that SL Green Realty will post 7.58 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on SLG shares. Wells Fargo & Company raised their price objective on shares of SL Green Realty from $43.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 11th. Compass Point raised shares of SL Green Realty from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $35.00 to $60.00 in a research report on Wednesday, September 18th. Barclays raised their price objective on shares of SL Green Realty from $49.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Citigroup upgraded SL Green Realty from a “sell” rating to a “neutral” rating and increased their target price for the stock from $44.00 to $66.00 in a report on Friday, September 13th. Finally, Bank of America increased their target price on SL Green Realty from $59.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $59.64.

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.