SL Green Realty Corporation (NYSE:SLG) Plans Quarterly Dividend of $0.62

SL Green Realty Corporation (NYSE:SLG) announced a quarterly dividend on Monday, March 23rd. Shareholders of record on Tuesday, March 31st will be paid a dividend of 0.6175 per share by the real estate investment trust on Wednesday, April 15th. This represents a c) dividend on an annualized basis and a yield of 6.4%. The ex-dividend date of this dividend is Tuesday, March 31st.

SL Green Realty has decreased its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. SL Green Realty has a dividend payout ratio of -238.1% 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 $2.31 annual dividend with an expected future payout ratio of 41.4%.

SL Green Realty Stock Performance

Shares of NYSE SLG traded up $1.37 during trading on Monday, hitting $38.85. The company had a trading volume of 1,901,408 shares, compared to its average volume of 1,409,960. SL Green Realty has a 12 month low of $35.03 and a 12 month high of $66.91. The firm has a market capitalization of $2.77 billion, a P/E ratio of -24.13 and a beta of 1.66. The stock has a 50 day simple moving average of $41.62 and a 200 day simple moving average of $48.18. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.66 and a current ratio of 2.66.

SL Green Realty (NYSE:SLG) last announced its quarterly earnings results on Wednesday, January 28th. The real estate investment trust reported $1.13 EPS for the quarter, topping the consensus estimate of $1.10 by $0.03. The business had revenue of $159.82 million for the quarter, compared to analysts’ expectations of $162.73 million. SL Green Realty had a negative net margin of 9.66% and a negative return on equity of 2.44%. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.81 EPS. As a group, analysts anticipate that SL Green Realty will post 5.43 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on SLG shares. Truist Financial set a $44.00 price objective on shares of SL Green Realty in a research note on Tuesday, February 3rd. BMO Capital Markets lowered their price target on shares of SL Green Realty from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 8th. Weiss Ratings reiterated a “sell (d+)” rating on shares of SL Green Realty in a research note on Wednesday, January 21st. Scotiabank set a $52.00 price objective on shares of SL Green Realty and gave the company a “sector outperform” rating in a report on Friday, March 13th. Finally, Citigroup reduced their price objective on shares of SL Green Realty from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, February 4th. Eight analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $52.80.

SL Green Realty Company Profile

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.