Sumitomo Mitsui Trust Reduces Stake in Getty Realty Corporation

Sumitomo Mitsui Trust Group Inc. has reduced its holdings in Getty Realty Corporation (NYSE: GTY) by 0.9% during the second quarter of 2023. This decision was detailed in the firm’s latest Form 13F filing with the Securities and Exchange Commission. Following the sale of 498 shares, Sumitomo Mitsui now owns 54,128 shares of the real estate investment trust, equating to about 0.10% of Getty Realty, valued at approximately $1.496 million.

The adjustments in holdings are not limited to Sumitomo Mitsui. Several other hedge funds have also altered their positions in Getty Realty recently. For instance, Advisors Asset Management Inc. acquired a new stake in the first quarter, valued at around $31,000. Meanwhile, US Bancorp DE increased its holdings by 52.4%, bringing its total to 1,093 shares valued at $34,000 after purchasing an additional 376 shares.

Signaturefd LLC showed an even greater increase, expanding its holdings by 111.3% in the second quarter, now owning 1,386 shares valued at $38,000 after acquiring an additional 730 shares. Other significant investors include Quarry LP, which grew its stake by 32.1%, and PNC Financial Services Group Inc., which increased its holdings by 11.6%.

Hedge funds and institutional investors collectively own about 85.11% of Getty Realty’s stock, indicating strong institutional interest in the company.

Getty Realty’s Market Performance

On Friday, Getty Realty shares traded down 0.9% to open at $27.54. The company has a market capitalization of $1.59 billion, with a price-to-earnings ratio of 21.51 and a PEG ratio of 1.81. The firm’s stock has fluctuated significantly over the past year, with a low of $25.39 and a high of $33.85. Financial metrics show a debt-to-equity ratio of 0.93, alongside a quick ratio and current ratio of 2.00.

In addition to the changes in stock holdings, Getty Realty announced a quarterly dividend, scheduled to be paid on January 8, 2024. Shareholders on record as of December 26, 2023 will receive a dividend of $0.485 per share, an increase from the previous amount of $0.47. This adjustment translates to an annualized dividend of $1.94, yielding 7.0% based on current share prices. Getty Realty’s payout ratio stands at 146.88%, suggesting a commitment to returning value to its shareholders.

Analyst Ratings and Future Outlook

Several Wall Street analysts have weighed in on Getty Realty’s stock recently. Janney Montgomery Scott initiated coverage on October 16, 2023, assigning a “buy” rating and setting a target price of $30.00. Weiss Ratings reaffirmed a “hold” rating on October 8, 2023, while Wall Street Zen raised its rating from “sell” to “hold” on September 13, 2023. Additionally, UBS Group increased its target price for Getty Realty from $28.00 to $30.00, maintaining a “neutral” rating.

Currently, three investment analysts have rated the stock with a “buy” recommendation, while three others have assigned a “hold” rating. According to data from MarketBeat.com, Getty Realty has a consensus rating of “Moderate Buy” and an average price target of $31.80, indicating positive sentiment among analysts regarding the company’s future performance.

As institutional interest continues to shape Getty Realty’s market presence, the upcoming dividend and analyst ratings may influence investor confidence and stock performance in the near term.