SL Green Realty Corp. (NYSE:SLG) to Issue $0.25 Monthly Dividend

SL Green Realty Corp. (NYSE:SLG) declared 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 dividend on an annualized basis 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% 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. 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 Trading Up 2.2 %

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

Analysts Set New Price Targets

A number of analysts recently weighed in on SLG shares. Scotiabank upped their price objective on shares of SL Green Realty from $40.00 to $43.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, April 2nd. TheStreet raised shares of SL Green Realty from a “d+” rating to a “c-” rating in a research note on Wednesday, January 10th. Barclays raised shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $35.00 to $48.00 in a research note on Wednesday, March 27th. Morgan Stanley upped their price objective on shares of SL Green Realty from $41.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 28th. Finally, The Goldman Sachs Group increased their price target 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. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $47.00.

Insider Activity at SL Green Realty

In related news, Director Carol N. Brown sold 5,118 shares of the 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 is available through this hyperlink. In related news, Director Carol N. Brown sold 5,118 shares of the 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 is available through this hyperlink. Also, Director Betsy S. Atkins sold 9,894 shares of the firm’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 transaction, the director now directly owns 6,886 shares of the company’s stock, valued at $325,363.50. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. lifted its position in SL Green Realty by 92.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,553 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 747 shares during the period. Advisory Services Network LLC acquired a new position in SL Green Realty during the fourth quarter valued at $95,000. Horizon Investments LLC acquired a new position in SL Green Realty during the first quarter valued at $214,000. Mirabella Financial Services LLP acquired a new position in SL Green Realty during the first quarter valued at $222,000. Finally, HighTower Advisors LLC acquired a new position in SL Green Realty during the first quarter valued at $278,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.

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.