Getty Realty (NYSE:GTY) Reaches New 1-Year High on Better-Than-Expected Earnings

Getty Realty Corporation (NYSE:GTY) hit a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $32.54 and last traded at $32.13, with a volume of 48917 shares changing hands. The stock had previously closed at $31.07.

The real estate investment trust reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The business had revenue of $60.55 million for the quarter, compared to analyst estimates of $55.94 million. Getty Realty had a net margin of 34.76% and a return on equity of 7.60%. Getty Realty’s revenue was up 14.2% compared to the same quarter last year.

Getty Realty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Thursday, March 26th will be given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Thursday, March 26th. Getty Realty’s dividend payout ratio is currently 151.56%.

Analyst Upgrades and Downgrades

GTY has been the subject of a number of research analyst reports. Janney Montgomery Scott assumed coverage on Getty Realty in a report on Thursday, October 16th. They issued a “buy” rating and a $30.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of Getty Realty in a research report on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $31.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP grew its position in Getty Realty by 6,425.8% in the 2nd quarter. Allworth Financial LP now owns 21,274 shares of the real estate investment trust’s stock valued at $588,000 after buying an additional 20,948 shares during the last quarter. Versor Investments LP purchased a new stake in shares of Getty Realty in the third quarter valued at about $1,312,000. Delta Investment Management LLC increased its stake in shares of Getty Realty by 73.1% during the third quarter. Delta Investment Management LLC now owns 55,330 shares of the real estate investment trust’s stock worth $1,484,000 after acquiring an additional 23,369 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Getty Realty by 54.1% during the second quarter. JPMorgan Chase & Co. now owns 479,414 shares of the real estate investment trust’s stock worth $13,251,000 after acquiring an additional 168,345 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Getty Realty by 3.3% during the second quarter. Geode Capital Management LLC now owns 1,418,927 shares of the real estate investment trust’s stock worth $39,224,000 after purchasing an additional 44,766 shares in the last quarter. 85.11% of the stock is currently owned by hedge funds and other institutional investors.

Getty Realty Stock Performance

The stock’s 50-day moving average is $28.90 and its 200 day moving average is $28.17. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 25.10, a P/E/G ratio of 2.89 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.00 and a quick ratio of 2.00.

About Getty Realty

Getty Realty Corp is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and leasing of service station and convenience retail properties. The company’s portfolio consists primarily of fee-simple and ground-leased sites, which are leased to major national and regional fuel and convenience store operators under long-term, triple-net leases. This structure provides Getty Realty with a stable stream of contractual rental income and limited operational responsibilities.

Founded in 1981, Getty Realty became a publicly listed company in 2005 and trades on the New York Stock Exchange under the ticker symbol GTY.