Getty Realty Corp. (NYSE:GTY) to Issue $0.45 Quarterly Dividend

Getty Realty Corp. (NYSE:GTY) declared a quarterly dividend on Tuesday, July 23rd, Wall Street Journal reports. Stockholders of record on Thursday, September 26th will be paid a dividend of 0.45 per share by the real estate investment trust on Thursday, October 10th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.64%. The ex-dividend date is Thursday, September 26th.

Getty Realty has increased its dividend payment by an average of 5.1% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. Getty Realty has a payout ratio of 142.9% 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 $2.26 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 79.6%.

Getty Realty Stock Performance

Shares of NYSE GTY opened at $31.91 on Wednesday. The business’s 50-day moving average price is $31.21 and its two-hundred day moving average price is $28.60. 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 has a one year low of $25.70 and a one year high of $32.87. The company has a market capitalization of $1.73 billion, a P/E ratio of 27.27 and a beta of 0.92.

Getty Realty (NYSE:GTY) last released its quarterly 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). The company had revenue of $49.94 million for the quarter, compared to the consensus estimate of $48.51 million. Getty Realty had a return on equity of 6.98% and a net margin of 33.49%. During the same quarter last year, the company posted $0.56 EPS. Analysts anticipate that Getty Realty will post 2.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Getty Realty from $31.00 to $33.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. JMP Securities upped their price target 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.

About Getty Realty