Getty Realty Corp. (NYSE:GTY) Announces Quarterly Dividend of $0.47

Getty Realty Corp. (NYSE:GTY - Get Free Report) announced a quarterly dividend on Wednesday, October 23rd, Wall Street Journal reports. Stockholders of record on Thursday, December 26th will be paid a dividend of 0.47 per share by the real estate investment trust on Thursday, January 9th. This represents a $1.88 annualized dividend and a dividend yield of 5.83%. The ex-dividend date is Thursday, December 26th. This is a positive change from Getty Realty's previous quarterly dividend of $0.45.

Getty Realty has raised its dividend payment by an average of 5.1% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Getty Realty has a dividend payout ratio of 140.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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 Stock Performance

Shares of Getty Realty stock traded up $0.07 during trading hours on Wednesday, hitting $32.26. 256,302 shares of the company's stock traded hands, compared to its average volume of 289,399. Getty Realty has a 12-month low of $25.70 and a 12-month high of $32.87. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 27.57 and a beta of 0.92. The company has a fifty day simple moving average of $31.60 and a 200-day simple moving average of $29.26. The company has a debt-to-equity ratio of 0.88, a current ratio of 3.22 and a quick ratio of 3.22.

Getty Realty (NYSE:GTY - Get Free Report) last announced its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.27). Getty Realty had a net margin of 33.49% and a return on equity of 6.98%. The business had revenue of $49.94 million for the quarter, compared to analysts' expectations of $48.51 million. During the same period in the prior year, the business earned $0.56 earnings per share. Equities research analysts anticipate that Getty Realty will post 2.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GTY has been the subject of several recent research reports. 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 report on Monday. JPMorgan Chase & Co. raised their target price 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 raised their target price 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 analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Getty Realty presently has a consensus rating of "Hold" and a consensus target price of $32.50.

Getty Realty Company Profile