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

Bank of America upgraded shares of Getty Realty (NYSE:GTY) from a neutral rating to a buy rating in a research note released on Monday morning, MarketBeat Ratings reports. They currently have $34.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $31.00.

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

Getty Realty Trading Up 1.1 %

NYSE GTY opened at $32.60 on Monday. The company’s fifty day moving average price is $31.64 and its two-hundred day moving average price is $29.28. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 27.86 and a beta of 0.92. Getty Realty has a 12 month low of $25.70 and a 12 month high of $33.23. 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) last posted its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.27). The firm 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 quarter last year, the business posted $0.56 earnings per share. As a group, research analysts predict that Getty Realty will post 2.22 earnings per share for the current fiscal year.

Getty Realty Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders 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 5.77%. This is a boost from Getty Realty’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, December 26th. Getty Realty’s dividend payout ratio is presently 153.85%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GTY. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Getty Realty during the second quarter valued at $29,000. Point72 Hong Kong Ltd bought a new stake in Getty Realty in the 2nd quarter valued at about $30,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Getty Realty by 34.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,990 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 513 shares during the period. Rothschild Investment LLC bought a new position in Getty Realty in the 2nd quarter worth about $81,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Getty Realty in the second quarter valued at approximately $162,000. 85.11% of the stock is currently owned by institutional investors.

About Getty Realty