Getty Realty Corporation (NYSE:GTY) Announces Dividend Increase – $0.50 Per Share

Getty Realty Corporation (NYSE:GTY) announced a quarterly dividend on Tuesday, October 20th. Stockholders of record on Thursday, December 24th will be given a dividend of $0.50 per share by the real estate investment trust on Thursday, January 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date of this dividend is Thursday, December 24th. This is a 3.1% increase from Getty Realty’s previous quarterly dividend of $0.4850.

Getty Realty has a dividend payout ratio of 144.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Getty Realty to earn $2.54 per share next year, which means the company should continue to be able to cover its $1.94 annual dividend with an expected future payout ratio of 76.4%.

Getty Realty Trading Down 1.0%

Shares of GTY stock traded down $0.28 on Wednesday, reaching $27.76. 79,209 shares of the stock were exchanged, compared to its average volume of 533,727. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.95. The stock has a market cap of $1.72 billion, a P/E ratio of 16.95, a price-to-earnings-growth ratio of 2.05 and a beta of 0.72. The firm has a 50 day moving average of $30.62 and a two-hundred day moving average of $32.55. Getty Realty has a 1-year low of $26.91 and a 1-year high of $36.83.

Getty Realty (NYSE:GTY) last issued its earnings results on Wednesday, July 22nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). Getty Realty had a net margin of 42.74% and a return on equity of 9.27%. The firm had revenue of $59.05 million during the quarter, compared to analyst estimates of $58.45 million. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, research analysts anticipate that Getty Realty will post 2.45 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on GTY. Huntington started coverage on Getty Realty in a research note on Wednesday, July 15th. They set an “outperform” rating and a $37.00 price target for the company. Citizens Jmp restated a “market outperform” rating and issued a $39.00 price objective on shares of Getty Realty in a report on Tuesday, September 1st. Robert W. Baird lifted their price objective on Getty Realty from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft set a $39.00 target price on Getty Realty in a report on Wednesday, September 23rd. Finally, Weiss Ratings cut Getty Realty from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 9th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $36.57.

About Getty Realty

Getty Realty Corp. is a real estate investment trust that owns, leases and develops convenience store, gasoline station and automotive service properties. Its portfolio also includes properties used for car washes, truck service, automotive parts and repairs, and other retail and service businesses.

The company generally leases its properties to operators under long-term, often triple-net lease agreements, under which tenants are typically responsible for property taxes, insurance and maintenance.