Getty Realty Corp. (NYSE:GTY) Announces Dividend Increase – $0.47 Per Share

Getty Realty Corp. (NYSE:GTY) declared a quarterly dividend on Wednesday, October 23rd, Wall Street Journal reports. Stockholders of record on Thursday, December 26th will be given a dividend of 0.47 per share by the real estate investment trust on Thursday, January 9th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date of this dividend is Thursday, December 26th. This is an increase from Getty Realty’s previous quarterly dividend of $0.45.

Getty Realty has increased its dividend by an average of 5.1% per year over the last three years and has increased its dividend every year for the last 12 years. Getty Realty has a payout ratio of 140.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Getty Realty to earn $2.27 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 79.3%.

Getty Realty Trading Up 0.4 %

Shares of GTY stock traded up $0.14 on Wednesday, reaching $32.33. 121,208 shares of the company’s stock were exchanged, compared to its average volume of 288,740. The company’s fifty day simple moving average is $31.56 and its 200 day simple moving average is $29.24. The stock has a market capitalization of $1.74 billion, a PE ratio of 27.51 and a beta of 0.92. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.88. Getty Realty has a 52 week low of $25.70 and a 52 week high of $32.87.

Getty Realty (NYSE:GTY) last posted its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $0.30 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.27). The company had revenue of $49.94 million during the quarter, compared to analysts’ expectations of $48.51 million. Getty Realty had a return on equity of 6.98% and a net margin of 33.49%. During the same period in the prior year, the business earned $0.56 EPS. As a group, analysts forecast that Getty Realty will post 2.22 EPS for the current year.

Wall Street Analysts Forecast Growth

GTY has been the subject of a number of research analyst reports. Bank of America raised Getty Realty from a “neutral” rating to a “buy” rating and lifted their target price for the company from $31.00 to $34.00 in a research report on Monday. JMP Securities lifted their price objective on Getty Realty from $31.50 to $33.00 and gave the company a “market outperform” rating in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. increased their target price on shares of Getty Realty from $31.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.50.

Getty Realty Company Profile