CTO Realty Growth (NYSE:CTO) Issues Quarterly Earnings Results

CTO Realty Growth (NYSE:CTO) issued its quarterly earnings data on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.42), Zacks reports. The firm had revenue of $28.85 million for the quarter, compared to analyst estimates of $27.46 million. CTO Realty Growth had a net margin of 14.52% and a return on equity of 3.59%. During the same quarter in the prior year, the firm posted $0.48 EPS. CTO Realty Growth updated its FY 2024 guidance to 1.950-2.000 EPS.

CTO Realty Growth Price Performance

Shares of CTO traded up $0.63 during midday trading on Friday, hitting $19.61. 207,037 shares of the company traded hands, compared to its average volume of 144,264. The stock has a 50-day moving average of $17.80 and a 200-day moving average of $17.21. CTO Realty Growth has a one year low of $15.63 and a one year high of $19.76. The firm has a market cap of $450.05 million, a P/E ratio of 35.66 and a beta of 0.76. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.74 and a quick ratio of 4.74.

CTO Realty Growth Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Thursday, June 13th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 7.75%. The ex-dividend date was Thursday, June 13th. CTO Realty Growth’s dividend payout ratio (DPR) is presently 276.37%.

Insider Activity

In related news, major shareholder Cto Realty Growth, Inc. purchased 6,262 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were purchased at an average cost of $15.00 per share, for a total transaction of $93,930.00. Following the completion of the transaction, the insider now directly owns 196,356 shares in the company, valued at approximately $2,945,340. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have purchased a total of 21,804 shares of company stock worth $326,747 over the last ninety days. Company insiders own 5.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CTO. Jonestrading decreased their price objective on shares of CTO Realty Growth from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, May 6th. Alliance Global Partners started coverage on shares of CTO Realty Growth in a report on Monday, April 8th. They issued a “buy” rating and a $20.00 target price for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.33.

CTO Realty Growth Company Profile

CTO Realty Growth, Inc is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc (NYSE: PINE), a publicly traded net lease REIT.