5 Monthly Dividend Stocks to Buy in August

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

Dividend Yield as of August 2: 7.44%

SL Green Realty Corp. (NYSE:SLG) is a New York-based real estate investment trust company that invests in shopping centers and office buildings in New York.

At the end of Q1 2022, SL Green Realty Corp. (NYSE:SLG) reported cash and cash equivalents of nearly $190 million, with its total assets amounting to over $10.7 billion. The company’s same-store cash net operating income stood at $150.5 million, up from $138 million in the previous quarter. It paid $24.4 million in dividends to shareholders during the quarter.

SL Green Realty Corp. (NYSE:SLG) holds a strong history of dividend payments, raising its dividend consecutively for the past 11 years. It currently pays a monthly dividend of $0.3108 per share, which has a yield of 7.44%, as of August 2.

Due to work from home and hybrid work policies, the demand for office spaces is at risk. In view of this, Deutsche Bank lowered its price target on SL Green Realty Corp. (NYSE:SLG) in July to $57 but kept a Buy rating on the shares.

At the end of Q1 2022, 18 hedge funds owned stakes in SL Green Realty Corp. (NYSE:SLG), down from 19 in the previous quarter. These stakes are valued at over $130.8 million.