Alpine Income Property Trust, Inc. (NYSE:PINE) Increases Dividend to $0.28 Per Share

Alpine Income Property Trust, Inc. (NYSE:PINE) announced a quarterly dividend on Wednesday, August 21st, Wall Street Journal reports. Investors of record on Thursday, September 12th will be given a dividend of 0.28 per share on Monday, September 30th. This represents a $1.12 dividend on an annualized basis and a yield of 6.31%. The ex-dividend date of this dividend is Thursday, September 12th. This is an increase from Alpine Income Property Trust’s previous quarterly dividend of $0.28.

Alpine Income Property Trust has raised its dividend payment by an average of 17.1% per year over the last three years. Alpine Income Property Trust has a payout ratio of -2,750.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Alpine Income Property Trust to earn $1.65 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 66.7%.

Alpine Income Property Trust Price Performance

Shares of Alpine Income Property Trust stock traded up $0.39 during trading on Wednesday, reaching $17.76. 28,120 shares of the stock traded hands, compared to its average volume of 48,449. The business has a fifty day simple moving average of $16.25 and a two-hundred day simple moving average of $15.71. Alpine Income Property Trust has a 52-week low of $14.25 and a 52-week high of $17.78. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $242.07 million, a price-to-earnings ratio of -434.25, a P/E/G ratio of 1.73 and a beta of 0.79.

Alpine Income Property Trust (NYSE:PINE) last issued its quarterly earnings results on Thursday, July 18th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.38). The firm had revenue of $12.49 million for the quarter, compared to the consensus estimate of $12.10 million. Alpine Income Property Trust had a negative net margin of 1.16% and a negative return on equity of 0.20%. During the same quarter in the previous year, the company posted $0.37 earnings per share. Sell-side analysts expect that Alpine Income Property Trust will post 1.64 EPS for the current year.

Analyst Upgrades and Downgrades

PINE has been the topic of a number of recent research reports. Truist Financial raised their price objective on Alpine Income Property Trust from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Tuesday, July 30th. B. Riley reiterated a “buy” rating and set a $20.00 price objective (up previously from $19.50) on shares of Alpine Income Property Trust in a research note on Wednesday, July 24th. Stifel Nicolaus increased their target price on shares of Alpine Income Property Trust from $18.00 to $19.25 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, Raymond James upped their price target on Alpine Income Property Trust from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.89.

Insider Activity at Alpine Income Property Trust

In other Alpine Income Property Trust news, major shareholder Cto Realty Growth, Inc. bought 7,959 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was bought at an average cost of $14.97 per share, for a total transaction of $119,146.23. Following the completion of the transaction, the insider now directly owns 190,094 shares of the company’s stock, valued at approximately $2,845,707.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought a total of 21,804 shares of company stock worth $326,747 over the last quarter. Insiders own 0.74% of the company’s stock.

About Alpine Income Property Trust

Alpine Income Property Trust, Inc (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased properties that are predominately leased to high-quality publicly traded and credit-rated tenants.