SL Green Realty Corp (NYSE:SLG) announced a quarterly dividend on Thursday, June 13th, NASDAQ reports. Investors of record on Friday, June 28th will be given a dividend of 0.85 per share by the real estate investment trust on Monday, July 15th. This represents a $3.40 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date is Thursday, June 27th.
SL Green Realty has increased its dividend payment by an average of 10.6% annually over the last three years and has raised its dividend annually for the last 7 consecutive years. SL Green Realty has a payout ratio of 50.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect SL Green Realty to earn $6.96 per share next year, which means the company should continue to be able to cover its $3.40 annual dividend with an expected future payout ratio of 48.9%.
NYSE SLG opened at $82.27 on Wednesday. The business’s 50 day simple moving average is $86.50. SL Green Realty has a 52-week low of $76.77 and a 52-week high of $106.54. The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.98. The company has a market cap of $6.99 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 3.25 and a beta of 1.21.
A number of equities analysts have weighed in on SLG shares. Morgan Stanley set a $85.00 price target on SL Green Realty and gave the stock a “sell” rating in a research report on Monday, June 17th. ValuEngine raised SL Green Realty from a “sell” rating to a “hold” rating in a research report on Friday, May 24th. JPMorgan Chase & Co. downgraded SL Green Realty from an “equal weight” rating to an “underweight” rating and set a $91.91 price target for the company. in a research report on Wednesday, March 13th. BMO Capital Markets reaffirmed a “buy” rating and set a $100.00 price target on shares of SL Green Realty in a research report on Thursday, April 18th. Finally, Deutsche Bank reaffirmed a “buy” rating and set a $110.00 price target (down previously from $115.00) on shares of SL Green Realty in a research report on Wednesday, April 10th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. SL Green Realty presently has an average rating of “Hold” and an average target price of $97.39.
In other news, Director Betsy S. Atkins sold 6,470 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $86.08, for a total value of $556,937.60. Following the completion of the sale, the director now owns 3,214 shares of the company’s stock, valued at approximately $276,661.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.99% of the company’s stock.
SL Green Realty Company Profile
SL Green Realty Corp., an S&P 500 company and New York City'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 March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.
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