SL Green Realty Corporation (SLG) to Issue Sep 25 Dividend of $0.26 on October 15th

SL Green Realty Corporation (NYSE:SLG) declared a sep 25 dividend on Friday, September 19th, RTT News reports. Stockholders of record on Tuesday, September 30th will be given a dividend of 0.2575 per share by the real estate investment trust on Wednesday, October 15th. This represents a dividend yield of 502.0%. The ex-dividend date is Tuesday, September 30th.

SL Green Realty has a dividend payout ratio of -318.6% 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 $5.58 per share next year, which means the company should continue to be able to cover its $3.09 annual dividend with an expected future payout ratio of 55.4%.

SL Green Realty Price Performance

NYSE:SLG opened at $59.26 on Friday. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of -109.74 and a beta of 1.74. SL Green Realty has a 12-month low of $45.15 and a 12-month high of $82.81. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.98. The company’s 50-day moving average is $58.32 and its two-hundred day moving average is $58.07.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.26. SL Green Realty had a negative net margin of 2.21% and a negative return on equity of 1.19%. The firm had revenue of $147.54 million during the quarter, compared to the consensus estimate of $171.24 million. During the same quarter in the previous year, the company posted $2.05 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. SL Green Realty has set its FY 2025 guidance at 5.650-5.950 EPS. Research analysts expect that SL Green Realty will post 5.43 EPS for the current year.

Insider Buying and Selling

In other news, Director Carol N. Brown sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $60.61, for a total transaction of $151,525.00. Following the completion of the transaction, the director directly owned 937 shares in the company, valued at $56,791.57. This trade represents a 72.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.04% of the company’s stock.

Institutional Investors Weigh In On SL Green Realty

Hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. increased its holdings in SL Green Realty by 67.8% in the second quarter. Bessemer Group Inc. now owns 626 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 253 shares in the last quarter. MAI Capital Management grew its stake in SL Green Realty by 25.9% in the second quarter. MAI Capital Management now owns 988 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 203 shares during the period. Fourth Dimension Wealth LLC grew its stake in SL Green Realty by 54.5% in the first quarter. Fourth Dimension Wealth LLC now owns 1,700 shares of the real estate investment trust’s stock valued at $98,000 after acquiring an additional 600 shares during the period. Allworth Financial LP grew its stake in SL Green Realty by 2,432.8% in the second quarter. Allworth Financial LP now owns 1,697 shares of the real estate investment trust’s stock valued at $105,000 after acquiring an additional 1,630 shares during the period. Finally, State of Wyoming acquired a new stake in SL Green Realty in the first quarter valued at approximately $172,000. 89.96% of the stock is currently owned by 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.