SL Green Realty Corp (NYSE:SLG) declared a quarterly dividend on Monday, December 4th, Wall Street Journal reports. Stockholders of record on Tuesday, January 2nd will be given 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 dividend yield of 3.25%. The ex-dividend date is Friday, December 29th. This is a boost from SL Green Realty’s previous quarterly dividend of $0.78.
SL Green Realty has increased its dividend payment by an average of 29.7% per year over the last three years and has increased its dividend every year for the last 5 years. SL Green Realty has a payout ratio of 50.5% meaning its dividend is sufficiently covered by earnings. Equities 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 (NYSE SLG) opened at $100.04 on Friday. SL Green Realty has a fifty-two week low of $93.92 and a fifty-two week high of $115.34. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.38. The stock has a market cap of $9,920.00, a price-to-earnings ratio of 99.05, a PEG ratio of 2.57 and a beta of 1.18.
A number of analysts have recently issued reports on SLG shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $104.00 price objective (down from $106.00) on shares of SL Green Realty in a report on Friday, September 1st. BMO Capital Markets dropped their price objective on shares of SL Green Realty from $127.00 to $125.00 and set an “outperform” rating for the company in a report on Thursday, September 21st. KeyCorp reaffirmed a “buy” rating and set a $130.00 price objective on shares of SL Green Realty in a report on Tuesday, September 26th. Zacks Investment Research downgraded shares of SL Green Realty from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, SunTrust Banks set a $115.00 price objective on shares of SL Green Realty and gave the stock a “buy” rating in a report on Saturday, October 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $115.62.
SL Green Realty announced that its board has initiated a share repurchase program on Friday, December 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
In other SL Green Realty news, CEO Marc Holliday sold 160,000 shares of the business’s stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $100.63, for a total value of $16,100,800.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John S. Levy sold 6,000 shares of the business’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $103.23, for a total transaction of $619,380.00. Following the completion of the transaction, the director now owns 21,827 shares in the company, valued at approximately $2,253,201.21. The disclosure for this sale can be found here. Insiders own 3.09% of the company’s stock.
About SL Green Realty
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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