11 Best Stocks That Pay Monthly Dividends in 2024

3. SL Green Realty Corp. (NYSE:SLG)

Number of Hedge Fund Holders: 24

SL Green Realty Corp. (NYSE:SLG) is an American real estate investment trust company that is the largest office landlord in Manhattan. The company specializes in acquiring, managing, and enhancing the value of commercial properties in Manhattan. As of September 30, 2024, SL Green owned interests in 55 buildings, covering a total of 31.8 million square feet. This includes ownership of 28.1 million square feet of Manhattan properties and 2.8 million square feet tied to debt and preferred equity investments. The stock has performed exceptionally well in 2024, surging by over 41% in the past 12 months.

In the third quarter of 2024, SL Green Realty Corp. (NYSE:SLG) reported revenue of $157 million, which showed a 4% growth from the same period last year. The revenue also surpassed analysts’ estimates by $4.29 million. Its same-store cash net operating income (NOI), including the company’s share from unconsolidated joint ventures, rose by 2.9%, while it increased by 0.1% for the first nine months of 2024. As of September 30, 2024, Manhattan’s same-store office occupancy reached 90.1%, including leases signed but not yet started. The company expects this occupancy will rise to 92.5% by December 31, 2024, including those leases.

SL Green Realty Corp. (NYSE:SLG) faced a decline in its dividend last year due to lower occupancy rates during the pandemic. However, with the company now recovering, investors can feel more confident in its steady monthly dividend payments. On December 6, it declared a 3% hike in its monthly dividend to $0.2575 per share. As of December 28, the stock supports a dividend yield of 4.66%.

With a collective stake value of more than $224.6 million, 24 hedge funds held positions in SL Green Realty Corp. (NYSE:SLG) at the end of Q3 2024, according to Insider Monkey’s database. In the previous quarter, 20 funds held investments in the stock.