Bank of America Corp DE Makes New $25.12 Million Investment in Getty Realty Corporation $GTY

Key Points

• Bank of America acquired 753,010 Getty Realty shares in the second quarter, worth approximately $25.12 million and representing about 1.22% of the REIT. Institutional investors collectively own 85.11% of the company.
• Getty Realty reported quarterly revenue of $59.05 million, up 10.9% year over year, though earnings of $0.36 per share narrowly missed analysts’ $0.37 estimate.
• The company declared a quarterly dividend of $0.485 per share, equal to $1.94 annually and a 6.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $35.75.

Bank of America Corp DE acquired a new position in shares of Getty Realty Corporation (NYSE:GTY - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 753,010 shares of the real estate investment trust's stock, valued at approximately $25,120,000. Bank of America Corp DE owned about 1.22% of Getty Realty at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Jupiter Topco LLC acquired a new position in Getty Realty in the second quarter valued at $775,000. Hsbc Holdings PLC purchased a new stake in shares of Getty Realty in the 2nd quarter valued at about $4,508,000. Legal & General Group Plc acquired a new stake in shares of Getty Realty in the 2nd quarter valued at about $11,467,000. The Manufacturers Life Insurance Company purchased a new position in Getty Realty during the 2nd quarter worth approximately $942,000. Finally, Quantbot Technologies LP purchased a new position in Getty Realty during the 2nd quarter worth approximately $1,985,000. 85.11% of the stock is owned by hedge funds and other institutional investors.

Getty Realty Stock Performance

Shares of GTY stock opened at $28.95 on Thursday. The stock's 50-day moving average price is $33.05 and its 200 day moving average price is $33.16. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $1.79 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 2.60 and a beta of 0.72. Getty Realty Corporation has a 52-week low of $25.39 and a 52-week high of $36.83.

Getty Realty (NYSE:GTY - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The real estate investment trust reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.01). Getty Realty had a net margin of 42.74% and a return on equity of 9.27%. The company had revenue of $59.05 million during the quarter, compared to analysts' expectations of $58.45 million. The company's quarterly revenue was up 10.9% on a year-over-year basis. Getty Realty has set its FY 2026 guidance at 2.520-2.540 EPS. As a group, equities research analysts forecast that Getty Realty Corporation will post 2.45 EPS for the current year.

Getty Realty Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 24th will be paid a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 6.7%. The ex-dividend date is Thursday, September 24th. Getty Realty's dividend payout ratio (DPR) is 118.29%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Huntington assumed coverage on Getty Realty in a research report on Wednesday, July 15th. They set an "outperform" rating and a $37.00 price target on the stock. Deutsche Bank Aktiengesellschaft set a $39.00 target price on shares of Getty Realty in a research report on Wednesday. Weiss Ratings raised shares of Getty Realty from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, September 8th. Royal Bank Of Canada upped their price target on shares of Getty Realty from $35.00 to $36.00 and gave the company a "sector perform" rating in a research report on Friday, July 24th. Finally, Citizens Jmp reiterated a "market outperform" rating and set a $39.00 price target on shares of Getty Realty in a research note on Tuesday, September 1st. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Getty Realty presently has an average rating of "Moderate Buy" and an average price target of $35.75.

About Getty Realty

Getty Realty Corp. NYSE: GTY is a real estate investment trust that owns, leases and develops convenience store and automotive service properties. The company primarily invests in properties operated by convenience stores, gas stations, automotive repair businesses, car washes, tire and service centers, and other automotive-related retailers.

Getty Realty generally leases its properties to operators under long-term, often triple-net lease agreements, under which tenants are typically responsible for property taxes, insurance, maintenance and other operating costs.

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