SL Green Realty Corp. (SLG) To Go Ex-Dividend on April 29th

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 paid 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 5.93%. The ex-dividend date of this dividend is Monday, April 29th.

SL Green Realty has raised its dividend payment by an average of 1.0% per year over the last three years. SL Green Realty has a payout ratio of -214.3% 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 $5.12 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 58.6%.

SL Green Realty Trading Down 0.6 %

Shares of SLG opened at $50.58 on Friday. 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’s 50 day moving average price is $50.58 and its 200 day moving average price is $43.76. SL Green Realty has a twelve month low of $20.51 and a twelve month high of $55.75.

Insiders Place Their Bets

In other SL Green Realty news, Director Carol N. Brown sold 5,118 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $44.37, for a total transaction of $227,085.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 5.60% of the company’s stock.

Wall Street Analyst Weigh In

SLG has been the subject of several research analyst reports. Truist Financial cut SL Green Realty from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $44.00 to $47.00 in a research report on Tuesday, January 16th. Barclays upgraded shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $35.00 to $48.00 in a research note on Wednesday, March 27th. BMO Capital Markets upgraded shares of SL Green Realty from a “market perform” rating to an “outperform” rating and upped their target price for the company from $56.00 to $58.00 in a research note on Thursday, April 18th. Evercore ISI raised their price target on shares of SL Green Realty from $46.00 to $47.00 and gave the stock an “underperform” rating in a research report on Monday, April 22nd. Finally, The Goldman Sachs Group boosted their price objective on shares of SL Green Realty from $30.00 to $36.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. Six investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.00.

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.