Getty Realty (NYSE:GTY) Raised to Buy at Bank of America

Bank of America upgraded shares of Getty Realty (NYSE:GTY) from a neutral rating to a buy rating in a research report released on Monday morning, Marketbeat reports. Bank of America currently has $34.00 price target on the real estate investment trust’s stock, up from their prior price target of $31.00.

Several other equities research analysts also recently issued reports on GTY. JMP Securities raised their price objective on shares of Getty Realty from $31.50 to $33.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. lifted their price target on Getty Realty from $31.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $32.50.

Getty Realty Stock Up 0.2 %

GTY opened at $32.26 on Monday. The stock’s fifty day simple moving average is $31.60 and its 200 day simple moving average is $29.26. Getty Realty has a 1-year low of $25.70 and a 1-year high of $32.87. The stock has a market cap of $1.74 billion, a PE ratio of 27.57 and a beta of 0.92. 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 data on Wednesday, July 24th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.27). The company had revenue of $49.94 million during the quarter, compared to the consensus estimate of $48.51 million. Getty Realty had a net margin of 33.49% and a return on equity of 6.98%. During the same period in the previous year, the company earned $0.56 earnings per share. As a group, research analysts expect that Getty Realty will post 2.22 earnings per share for the current year.

Getty Realty Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Thursday, December 26th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.83%. The ex-dividend date of this dividend is Thursday, December 26th. This is a positive change from Getty Realty’s previous quarterly dividend of $0.45. Getty Realty’s dividend payout ratio is presently 153.85%.

Institutional Investors Weigh In On Getty Realty

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Getty Realty by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 7,516,139 shares of the real estate investment trust’s stock valued at $219,622,000 after acquiring an additional 220,049 shares in the last quarter. Chatham Capital Group Inc. raised its stake in Getty Realty by 11.6% in the first quarter. Chatham Capital Group Inc. now owns 58,484 shares of the real estate investment trust’s stock valued at $1,600,000 after purchasing an additional 6,080 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Getty Realty by 23.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,121 shares of the real estate investment trust’s stock worth $195,000 after purchasing an additional 1,362 shares during the period. Cullinan Associates Inc. acquired a new stake in Getty Realty during the first quarter worth about $949,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Getty Realty by 0.8% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 55,470 shares of the real estate investment trust’s stock valued at $1,517,000 after buying an additional 455 shares during the period. 85.11% of the stock is currently owned by institutional investors and hedge funds.

About Getty Realty