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

Getty Realty Corp. (NYSE:GTY) declared a quarterly dividend on Tuesday, October 22nd, Wall Street Journal reports. Investors 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 yield of 5.83%. The ex-dividend date is Thursday, December 26th. This is a boost from Getty Realty’s previous quarterly dividend of $0.45.

Getty Realty has increased its dividend payment by an average of 5.1% per year over the last three years and has raised its dividend every year for the last 12 years. Getty Realty has a dividend 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. Equities 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 0.2 %

Shares of GTY stock opened at $32.26 on Thursday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.22 and a current ratio of 3.22. Getty Realty has a 1 year low of $25.70 and a 1 year high of $32.87. The stock has a fifty day moving average of $31.60 and a two-hundred day moving average of $29.26. The firm has a market capitalization of $1.74 billion, a PE ratio of 27.57 and a beta of 0.92.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on GTY shares. Bank of America raised Getty Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $31.00 to $34.00 in a research note on Monday. JPMorgan Chase & Co. boosted their price objective on Getty Realty from $31.00 to $33.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Finally, JMP Securities boosted their price objective on Getty Realty from $31.50 to $33.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $32.50.

About Getty Realty