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

SL Green Realty Corp. (NYSE:SLG) declared a monthly dividend on Friday, April 19th, investing.com reports. Shareholders 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 dividend on an annualized basis and a dividend yield of 6.05%. The ex-dividend date is Monday, April 29th.

SL Green Realty has raised its dividend payment by an average of 1.0% annually 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. 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 Up 2.2 %

Shares of SLG stock opened at $49.57 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.96 and a quick ratio of 2.23. SL Green Realty has a one year low of $20.51 and a one year high of $55.75. The company’s fifty day moving average price is $49.94 and its 200-day moving average price is $43.18. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of -6.00, a PEG ratio of 1.31 and a beta of 1.71.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Barclays raised SL Green Realty from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $35.00 to $48.00 in a report on Wednesday, March 27th. TheStreet upgraded SL Green Realty from a “d+” rating to a “c-” rating in a research note on Wednesday, January 10th. The Goldman Sachs Group lifted 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 report on Thursday, January 11th. Truist Financial lowered shares of SL Green Realty from a “buy” rating to a “hold” rating and upped their target price for the stock from $44.00 to $47.00 in a research report on Tuesday, January 16th. Finally, BMO Capital Markets raised shares of SL Green Realty from a “market perform” rating to an “outperform” rating and raised their target price for the company from $56.00 to $58.00 in a research note on Thursday. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $47.00.

Insiders Place Their Bets

In other news, Director Carol N. Brown sold 5,118 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were 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 SEC, which is available through this link. In other news, Director Betsy S. Atkins sold 9,894 shares of SL Green Realty stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $47.25, for a total value of $467,491.50. Following the completion of the transaction, the director now owns 6,886 shares in the company, valued at approximately $325,363.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SLG. Rockefeller Capital Management L.P. lifted its holdings in shares of SL Green Realty by 92.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 747 shares during the last quarter. Advisory Services Network LLC purchased a new stake in SL Green Realty in the 4th quarter worth about $95,000. Horizon Investments LLC bought a new stake in SL Green Realty in the first quarter worth about $214,000. Mirabella Financial Services LLP bought a new stake in SL Green Realty in the first quarter worth about $222,000. Finally, HighTower Advisors LLC purchased a new position in shares of SL Green Realty during the first quarter valued at approximately $278,000. 89.96% of the stock is owned by hedge funds and other 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.