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

Getty Realty Corp. (NYSE:GTY) 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 dividend on an annualized basis and a dividend yield of 5.83%. The ex-dividend date is Thursday, December 26th. This is an increase 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 increased its dividend every year for the last 12 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 Trading Up 0.2 %

Shares of NYSE:GTY opened at $32.26 on Thursday. The company has a 50 day moving average of $31.60 and a 200-day moving average of $29.26. The firm has a market cap of $1.74 billion, a P/E ratio of 27.57 and a beta of 0.92. Getty Realty has a twelve month low of $25.70 and a twelve month high of $32.87. 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 (NYSE:GTY) last issued its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.27). The company had revenue of $49.94 million during the quarter, compared to analyst estimates 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 company posted $0.56 earnings per share. As a group, analysts anticipate that Getty Realty will post 2.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GTY shares. Bank of America raised shares of Getty Realty from a “neutral” rating to a “buy” rating and upped their price target for the stock from $31.00 to $34.00 in a research note on Monday. JPMorgan Chase & Co. increased their target price on shares of Getty Realty from $31.00 to $33.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Finally, JMP Securities increased their target price on shares of Getty Realty from $31.50 to $33.00 and gave the company 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 given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.50.

About Getty Realty