Getty Realty Corp. (GTY) Rating Increased to Buy at Zacks Investment Research
Getty Realty Corp. (NYSE:GTY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $27.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s target price indicates a potential upside of 11.94% from the company’s previous close.
According to Zacks, “Getty Realty Corp. is a real estate investment trust engaged in the ownership, leasing and financing of retail motor fuel and convenience store properties and petroleum distribution terminals in the United States. The company’s properties are leased or sublet to distributors and retailers engaged in the sale of gasoline and various motor fuel products, convenience store products, and automotive repair services. Getty’s properties are operated under a variety of brands including Getty, BP, Exxon, Mobil, Shell, Chevron, Valero, Fina and Aloha. It is also a marketer of heating oil in Pennsylvania and Maryland. Getty Realty Corp. is headquartered in Jericho, New York. “
Getty Realty Corp. (NYSE:GTY) traded up 0.79% on Tuesday, reaching $24.12. The company had a trading volume of 102,529 shares. Getty Realty Corp. has a one year low of $16.21 and a one year high of $24.33. The company has a 50-day moving average of $22.74 and a 200 day moving average of $22.43. The stock has a market cap of $818.61 million, a price-to-earnings ratio of 16.42 and a beta of 0.60.
Getty Realty Corp. (NYSE:GTY) last released its quarterly earnings results on Wednesday, October 26th. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.06. The company earned $24.33 million during the quarter, compared to the consensus estimate of $24 million. Getty Realty Corp. had a return on equity of 12.35% and a net margin of 43.33%. The firm’s revenue was down 2.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 EPS. On average, equities research analysts predict that Getty Realty Corp. will post $1.77 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 5th. Investors of record on Thursday, December 22nd will be paid a dividend of $0.28 per share. This is an increase from Getty Realty Corp.’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 20th. This represents a $1.12 annualized dividend and a yield of 4.64%. Getty Realty Corp.’s dividend payout ratio is presently 67.57%.
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A number of hedge funds have recently made changes to their positions in GTY. LPL Financial LLC acquired a new stake in shares of Getty Realty Corp. during the third quarter valued at $2,880,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Getty Realty Corp. by 92.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 77,746 shares of the real estate investment trust’s stock valued at $1,860,000 after buying an additional 37,450 shares during the last quarter. Panagora Asset Management Inc. increased its stake in shares of Getty Realty Corp. by 358.6% in the third quarter. Panagora Asset Management Inc. now owns 82,719 shares of the real estate investment trust’s stock valued at $1,979,000 after buying an additional 64,682 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Getty Realty Corp. during the third quarter valued at $441,000. Finally, Two Sigma Advisers LP increased its stake in shares of Getty Realty Corp. by 7.5% in the third quarter. Two Sigma Advisers LP now owns 57,267 shares of the real estate investment trust’s stock valued at $1,370,000 after buying an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 55.94% of the company’s stock.
Getty Realty Corp. Company Profile
Getty Realty Corp. is a real estate investment trust. The Company is engaged in the ownership, leasing and financing of convenience store and gasoline station properties. It owns and leases approximately 850 properties that are located in over 20 states across the United States and Washington, District of Columbia.
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