SL Green Realty Corp. (SLG) To Go Ex-Dividend on June 28th

SL Green Realty Corp. (NYSE:SLG) announced a monthly dividend on Friday, June 14th, Zacks reports. Shareholders of record on Friday, June 28th will be given a dividend of 0.25 per share by the real estate investment trust on Monday, July 15th. This represents a $3.00 dividend on an annualized basis and a yield of 5.46%. The ex-dividend date of this dividend is Friday, June 28th.

SL Green Realty has increased its dividend payment by an average of 1.0% per year over the last three years. SL Green Realty has a payout ratio of -151.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect SL Green Realty to earn $5.12 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 58.6%.

SL Green Realty Price Performance

SL Green Realty stock traded down $0.74 during midday trading on Wednesday, hitting $54.94. 155,755 shares of the company’s stock were exchanged, compared to its average volume of 1,136,873. SL Green Realty has a 12-month low of $27.69 and a 12-month high of $58.54. The company has a current ratio of 2.96, a quick ratio of 2.96 and a debt-to-equity ratio of 1.01. The firm’s 50 day simple moving average is $52.75 and its 200 day simple moving average is $49.49.

Analyst Ratings Changes

SLG has been the subject of a number of recent analyst reports. Piper Sandler restated an “overweight” rating and issued a $58.00 target price on shares of SL Green Realty in a report on Tuesday, March 26th. Scotiabank boosted their target price on shares of SL Green Realty from $40.00 to $43.00 and gave the company a “sector underperform” rating in a report on Tuesday, April 2nd. Barclays upgraded shares of SL Green Realty from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $35.00 to $48.00 in a report on Wednesday, March 27th. Evercore ISI boosted their target price on shares of SL Green Realty from $46.00 to $47.00 and gave the company an “underperform” rating in a report on Monday, April 22nd. Finally, StockNews.com upgraded shares of SL Green Realty to a “sell” rating in a research note on Wednesday, May 8th. Seven investment analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $46.29.

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.