Meritage Portfolio Management Grows Position in Getty Realty Corp. (NYSE:GTY)

Meritage Portfolio Management lifted its stake in Getty Realty Corp. (NYSE:GTY - Free Report) by 41.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 122,402 shares of the real estate investment trust's stock after acquiring an additional 35,707 shares during the period. Meritage Portfolio Management owned approximately 0.22% of Getty Realty worth $3,894,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of GTY. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Getty Realty during the 2nd quarter valued at about $29,000. Point72 Hong Kong Ltd acquired a new position in shares of Getty Realty during the 2nd quarter worth approximately $30,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Getty Realty by 34.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,990 shares of the real estate investment trust's stock worth $63,000 after acquiring an additional 513 shares during the last quarter. Rothschild Investment LLC acquired a new position in shares of Getty Realty during the 2nd quarter worth approximately $81,000. Finally, Point72 Asset Management L.P. acquired a new position in Getty Realty in the 2nd quarter valued at $162,000. Institutional investors and hedge funds own 85.11% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GTY shares. JPMorgan Chase & Co. increased their target price on Getty Realty from $31.00 to $33.00 and gave the stock a "neutral" rating in a report on Thursday, September 19th. JMP Securities increased their target price on Getty Realty from $31.50 to $33.00 and gave the company a "market outperform" rating in a research report on Thursday, July 25th. Finally, Bank of America raised Getty Realty from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $31.00 to $34.00 in a research note on Monday, October 21st.

Getty Realty Stock Performance

Shares of NYSE:GTY traded up $0.28 during midday trading on Monday, reaching $32.27. 270,480 shares of the company traded hands, compared to its average volume of 286,057. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 27.64 and a beta of 0.91. Getty Realty Corp. has a 12 month low of $25.70 and a 12 month high of $33.23. The firm's fifty day moving average price is $31.74 and its two-hundred day moving average price is $29.70. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 0.87.

Getty Realty (NYSE:GTY - Get Free Report) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.55 by ($0.28). The firm had revenue of $51.47 million during the quarter, compared to analysts' expectations of $49.79 million. Getty Realty had a net margin of 32.97% and a return on equity of 6.84%. During the same quarter in the previous year, the business earned $0.57 EPS. On average, equities analysts expect that Getty Realty Corp. will post 2.21 earnings per share for the current year.

Getty Realty Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Thursday, December 26th will be issued a $0.47 dividend. This is an increase from Getty Realty's previous quarterly dividend of $0.45. This represents a $1.88 annualized dividend and a dividend yield of 5.83%. The ex-dividend date is Thursday, December 26th. Getty Realty's payout ratio is presently 153.85%.

Getty Realty Profile