SL Green Realty Corp. (NYSE:SLG) Announces Monthly Dividend of $0.25

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Friday, April 19th, investing.com reports. Stockholders of record on Tuesday, April 30th will be given a dividend of 0.25 per share by the real estate investment trust on Wednesday, May 15th. This represents a $3.00 annualized dividend and a dividend yield of 6.05%. The ex-dividend date of this dividend is Monday, April 29th.

SL Green Realty has raised its dividend by an average of 1.0% annually over the last three years. SL Green Realty has a payout ratio of -214.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect SL Green Realty to earn $5.18 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 57.9%.

SL Green Realty Stock Performance

NYSE SLG opened at $49.57 on Friday. The company’s 50 day moving average is $49.94 and its 200-day moving average is $43.18. SL Green Realty has a 12-month low of $20.51 and a 12-month high of $55.75. The company has a quick ratio of 2.23, a current ratio of 2.96 and a debt-to-equity ratio of 1.01. The firm has a market cap of $3.21 billion, a P/E ratio of -6.00, a price-to-earnings-growth ratio of 1.31 and a beta of 1.71.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and issued a $58.00 price target on shares of SL Green Realty in a research report on Tuesday, March 26th. TheStreet raised shares of SL Green Realty from a “d+” rating to a “c-” rating in a research note on Wednesday, January 10th. The Goldman Sachs Group boosted their price objective on shares of SL Green Realty from $30.00 to $36.00 and gave the company a “sell” rating in a research note on Thursday, January 11th. Evercore ISI cut shares of SL Green Realty from an “in-line” rating to an “underperform” rating and set a $44.00 price objective for the company. in a research note on Monday, March 18th. Finally, StockNews.com raised shares of SL Green Realty to a “sell” rating in a research note on Saturday, February 3rd. Five research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $47.00.

Insiders Place Their Bets

In other news, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $44.37, for a total value of $227,085.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Betsy S. Atkins sold 9,894 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total transaction of $467,491.50. Following the completion of the sale, the director now owns 6,886 shares of the company’s stock, valued at $325,363.50. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in SL Green Realty by 9.6% during the 1st quarter. BlackRock Inc. now owns 11,246,072 shares of the real estate investment trust’s stock valued at $264,508,000 after buying an additional 988,677 shares during the last quarter. Norges Bank bought a new stake in SL Green Realty during the 4th quarter valued at $24,417,000. Balyasny Asset Management L.P. raised its holdings in SL Green Realty by 111.3% during the 1st quarter. Balyasny Asset Management L.P. now owns 1,139,857 shares of the real estate investment trust’s stock valued at $26,809,000 after buying an additional 600,284 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in SL Green Realty during the 1st quarter valued at $10,985,000. Finally, State Street Corp raised its holdings in SL Green Realty by 12.2% during the 1st quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust’s stock valued at $314,295,000 after buying an additional 419,067 shares during the last quarter. 89.96% of the stock is currently owned by institutional investors.

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.