NEW YORK - Getty Realty Corp . (NYSE: NYSE:GTY) has declared a quarterly cash dividend of $0.45 per common share, to be disbursed on July 11, 2024, to shareholders of record as of June 27, 2024. The announcement made today aligns with the company's ongoing strategy to deliver shareholder value through consistent dividend payments.
Getty Realty Corp. is a real estate investment trust (REIT) that primarily focuses on the ownership and leasing of convenience store, automotive, and other single-tenant retail properties. As of March 31, 2024, the company's portfolio boasted 1,108 freestanding properties spread across 42 states in the United States, as well as Washington, D.C.
This dividend declaration is a routine part of Getty Realty's financial practices, aimed at providing returns to its investors. Dividends are a common way for REITs to distribute earnings back to shareholders, and the amount of $0.45 per share is consistent with previous quarters.
Investors often view the stability and regularity of dividend payments as an indicator of a company’s financial health and its management's confidence in ongoing business performance. Getty Realty's announcement may thus be interpreted as a positive signal to the market and its investors.
The information reported is based on a press release statement from Getty Realty Corp. The company has not disclosed any further strategic plans or financial details in conjunction with this dividend declaration. Shareholders are advised to monitor the company's filings and announcements for any additional information that may impact their investment decisions.
InvestingPro Insights
As Getty Realty Corp. (NYSE: GTY) continues its tradition of rewarding shareholders with dividends, recent data from InvestingPro provides a deeper look into the company's financials. With a market capitalization of approximately $1.47 billion and a solid price-to-earnings (P/E) ratio of 23.45, the company showcases a stable investment profile. Notably, the adjusted P/E ratio for the last twelve months as of Q4 2023 stands slightly higher at 24.56, reflecting the market's valuation of the company's earnings.
InvestingPro Tips highlight that Getty Realty has not only raised its dividend for seven consecutive years, but it has also maintained dividend payments for an impressive 30 consecutive years. This consistency underlines the company's commitment to shareholder returns and financial stability. Moreover, the company's liquid assets surpass its short-term obligations, which is a reassuring sign of its liquidity and ability to meet immediate financial needs.
From a profitability standpoint, analysts predict that Getty Realty will maintain its profitability this year, a forecast supported by the company's profitable performance over the last twelve months. The robust gross profit margin of 87.2% from the same period further underscores the company's efficiency in managing its operating costs relative to revenue.
For investors looking for more comprehensive insights and additional InvestingPro Tips, there are more available at: https://www.investing.com/pro/GTY. Using coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and analysis to inform their investment strategies.
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