SL Green Realty Corp. (NYSE:SLG) Declares Quarterly Dividend of $0.31

SL Green Realty Corp. (NYSE:SLGGet Rating) announced a quarterly dividend on Wednesday, May 18th, RTT News reports. Investors of record on Tuesday, May 31st will be paid a dividend of 0.3108 per share by the real estate investment trust on Wednesday, June 15th. This represents a $1.24 annualized dividend and a dividend yield of 1.93%. This is an increase from SL Green Realty’s previous quarterly dividend of $0.30.

SL Green Realty has increased its dividend payment by an average of 21.6% annually over the last three years. SL Green Realty has a payout ratio of 1,243.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect SL Green Realty to earn $7.21 per share next year, which means the company should continue to be able to cover its $3.73 annual dividend with an expected future payout ratio of 51.7%.

Shares of NYSE SLG traded down $1.05 during mid-day trading on Wednesday, hitting $64.32. 3,618 shares of the company were exchanged, compared to its average volume of 930,466. The company has a quick ratio of 2.36, a current ratio of 2.36 and a debt-to-equity ratio of 0.97. The stock has a 50 day simple moving average of $74.99 and a 200-day simple moving average of $76.18. SL Green Realty has a 1-year low of $62.55 and a 1-year high of $85.65. The firm has a market cap of $4.12 billion, a price-to-earnings ratio of 9.65, a price-to-earnings-growth ratio of 4.61 and a beta of 1.40.

SL Green Realty (NYSE:SLGGet Rating) last issued its quarterly earnings results on Wednesday, April 20th. The real estate investment trust reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.10. SL Green Realty had a return on equity of 9.58% and a net margin of 57.70%. The firm had revenue of $187.96 million during the quarter, compared to the consensus estimate of $163.65 million. During the same period last year, the company earned $1.78 earnings per share. The company’s revenue for the quarter was down 16.9% on a year-over-year basis. Analysts anticipate that SL Green Realty will post 6.82 earnings per share for the current fiscal year.

In other SL Green Realty news, Director Edwin T. Burton III sold 3,476 shares of the stock in a transaction on Thursday, February 17th. The shares were sold at an average price of $81.40, for a total transaction of $282,946.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.45% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of SLG. BlackRock Inc. increased its holdings in shares of SL Green Realty by 7.0% in the 4th quarter. BlackRock Inc. now owns 9,764,636 shares of the real estate investment trust’s stock worth $700,126,000 after acquiring an additional 635,270 shares during the period. State Street Corp increased its holdings in shares of SL Green Realty by 12.2% in the 1st quarter. State Street Corp now owns 3,857,153 shares of the real estate investment trust’s stock worth $314,295,000 after acquiring an additional 419,067 shares during the period. Morgan Stanley increased its holdings in shares of SL Green Realty by 29.6% in the 2nd quarter. Morgan Stanley now owns 1,000,951 shares of the real estate investment trust’s stock worth $80,077,000 after acquiring an additional 228,788 shares during the period. Wellington Management Group LLP increased its holdings in shares of SL Green Realty by 20.6% in the 1st quarter. Wellington Management Group LLP now owns 1,197,334 shares of the real estate investment trust’s stock worth $97,200,000 after acquiring an additional 204,750 shares during the period. Finally, Prudential Financial Inc. increased its stake in SL Green Realty by 95.3% during the 1st quarter. Prudential Financial Inc. now owns 272,391 shares of the real estate investment trust’s stock valued at $22,114,000 after buying an additional 132,924 shares during the period. 84.49% of the stock is currently owned by institutional investors.

SLG has been the subject of a number of recent analyst reports. TheStreet downgraded SL Green Realty from a “b-” rating to a “c+” rating in a report on Friday, January 28th. StockNews.com initiated coverage on SL Green Realty in a report on Thursday, March 31st. They issued a “hold” rating for the company. Wells Fargo & Company reduced their target price on SL Green Realty from $84.00 to $76.00 in a report on Thursday, April 28th. Truist Financial reduced their target price on SL Green Realty from $85.00 to $80.00 in a report on Tuesday, April 26th. Finally, Mizuho began coverage on SL Green Realty in a report on Friday, April 22nd. They issued a “neutral” rating and a $77.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $81.28.

About SL Green Realty (Get Rating)

SL Green Realty Corp., an S&P 500 company and 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 December 31, 2020, SL Green held interests in 88 buildings totaling 38.2 million square feet.

Further Reading

Dividend History for SL Green Realty (NYSE:SLG)

Receive News & Ratings for SL Green Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SL Green Realty and related companies with MarketBeat.com's FREE daily email newsletter.