SL Green Realty Corp (NYSE:SLG) announced a quarterly dividend on Monday, December 4th, Wall Street Journal reports. Shareholders of record on Tuesday, January 2nd will be paid a dividend of 0.8125 per share by the real estate investment trust on Tuesday, January 16th. This represents a $3.25 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Friday, December 29th. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.78.
SL Green Realty has increased its dividend by an average of 15.7% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. SL Green Realty has a payout ratio of 50.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect SL Green Realty to earn $6.71 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 48.4%.
Shares of SL Green Realty (SLG) opened at $95.73 on Friday. The company has a market capitalization of $9,700.00, a P/E ratio of 94.78, a PEG ratio of 2.48 and a beta of 1.18. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.11 and a current ratio of 0.11. SL Green Realty has a 52 week low of $93.92 and a 52 week high of $115.34.
SL Green Realty (NYSE:SLG) last issued its quarterly earnings data on Wednesday, October 18th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.57 by ($1.17). The company had revenue of $319.50 million for the quarter, compared to analyst estimates of $326.70 million. SL Green Realty had a return on equity of 1.54% and a net margin of 7.70%. The company’s revenue for the quarter was down 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 earnings per share. research analysts expect that SL Green Realty will post 6.44 earnings per share for the current fiscal year.
In related news, Director John S. Levy sold 6,000 shares of the firm’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $103.23, for a total value of $619,380.00. Following the transaction, the director now directly owns 21,827 shares in the company, valued at approximately $2,253,201.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marc Holliday sold 160,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $100.63, for a total transaction of $16,100,800.00. The disclosure for this sale can be found here. 2.99% of the stock is owned by corporate insiders.
SL Green Realty announced that its board has approved a share repurchase program on Friday, December 1st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
SLG has been the subject of a number of research reports. Citigroup decreased their price target on shares of SL Green Realty from $125.00 to $123.00 and set a “buy” rating for the company in a research report on Monday, October 23rd. SunTrust Banks set a $115.00 target price on shares of SL Green Realty and gave the company a “buy” rating in a research note on Saturday, October 21st. BMO Capital Markets restated a “buy” rating and issued a $125.00 target price on shares of SL Green Realty in a research note on Thursday, October 19th. KeyCorp set a $130.00 target price on shares of SL Green Realty and gave the company a “buy” rating in a research note on Sunday, October 29th. Finally, BTIG Research upgraded shares of SL Green Realty from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $115.50.
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SL Green Realty Company Profile
SL Green Realty Corp. is a self-managed real estate investment trust (REIT), with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing. The Company operates through two segments: real estate, and debt and preferred equity investments.
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