SL Green Realty Corp. (SLG) To Go Ex-Dividend on November 29th

SL Green Realty Corp. (NYSE:SLG) declared a quarterly dividend on Thursday, November 16th, RTT News reports. Shareholders of record on Thursday, November 30th will be paid a dividend of 0.2708 per share by the real estate investment trust on Friday, December 15th. This represents a $1.08 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Wednesday, November 29th.

SL Green Realty has increased its dividend payment by an average of 0.4% per year over the last three years. SL Green Realty has a payout ratio of -255.9% 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 $5.24 per share next year, which means the company should continue to be able to cover its $3.25 annual dividend with an expected future payout ratio of 62.0%.

SL Green Realty Price Performance

SLG opened at $34.20 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.17 and a quick ratio of 2.17. The business has a fifty day simple moving average of $34.70 and a 200-day simple moving average of $31.63. SL Green Realty has a fifty-two week low of $19.06 and a fifty-two week high of $44.65.

SL Green Realty (NYSE:SLG) last released its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported ($0.38) earnings per share for the quarter, missing the consensus estimate of $1.28 by ($1.66). The company had revenue of $173.20 million for the quarter, compared to the consensus estimate of $156.96 million. SL Green Realty had a negative return on equity of 10.75% and a negative net margin of 56.15%. The business’s revenue was down 18.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.66 earnings per share. On average, equities analysts predict that SL Green Realty will post 5.25 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SLG shares. BMO Capital Markets lowered SL Green Realty from an “outperform” rating to a “market perform” rating and raised their price objective for the stock from $32.00 to $35.00 in a research note on Thursday, August 17th. Truist Financial decreased their target price on SL Green Realty from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Monday, November 6th. Bank of America raised their target price on SL Green Realty from $27.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 8th. Compass Point began coverage on SL Green Realty in a research report on Tuesday, September 26th. They issued a “sell” rating and a $27.00 target price for the company. Finally, Evercore ISI decreased their target price on SL Green Realty from $33.00 to $31.00 in a research report on Monday, October 9th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $33.50.

Insider Buying and Selling at SL Green Realty

In other SL Green Realty news, President Andrew W. Mathias sold 176,960 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $32.08, for a total transaction of $5,676,876.80. Following the transaction, the president now directly owns 6,049 shares in the company, valued at $194,051.92. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Institutional investors have recently bought and sold shares of the stock. Yousif Capital Management LLC grew its position in shares of SL Green Realty by 0.8% in the first quarter. Yousif Capital Management LLC now owns 37,024 shares of the real estate investment trust’s stock valued at $3,006,000 after purchasing an additional 299 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of SL Green Realty by 0.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 55,671 shares of the real estate investment trust’s stock valued at $1,877,000 after purchasing an additional 359 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of SL Green Realty by 0.9% in the second quarter. Thrivent Financial for Lutherans now owns 41,461 shares of the real estate investment trust’s stock valued at $1,913,000 after purchasing an additional 372 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in shares of SL Green Realty by 2.4% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 18,163 shares of the real estate investment trust’s stock valued at $729,000 after purchasing an additional 421 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of SL Green Realty by 2.6% in the second quarter. Russell Investments Group Ltd. now owns 19,271 shares of the real estate investment trust’s stock valued at $576,000 after purchasing an additional 497 shares during the last quarter. 82.40% of the stock is currently owned by institutional investors.

SL Green Realty Company Profile

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.