CTO Realty Growth (NYSE:CTO) Releases Earnings Results, Misses Estimates By $0.27 EPS

CTO Realty Growth (NYSE:CTO) issued its earnings results on Thursday. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.27), Zacks reports. The firm had revenue of $31.81 million during the quarter, compared to analyst estimates of $30.15 million. CTO Realty Growth had a net margin of 14.52% and a return on equity of 3.55%. During the same quarter in the previous year, the company posted $0.48 earnings per share. CTO Realty Growth updated its FY 2024 guidance to 1.830-1.870 EPS.

CTO Realty Growth Price Performance

Shares of CTO Realty Growth stock traded down $0.16 during trading on Friday, reaching $19.56. The company’s stock had a trading volume of 441,511 shares, compared to its average volume of 232,849. The stock has a 50-day moving average price of $19.13 and a two-hundred day moving average price of $18.34. The company has a current ratio of 3.42, a quick ratio of 3.42 and a debt-to-equity ratio of 0.98. CTO Realty Growth has a one year low of $15.64 and a one year high of $21.15. The stock has a market capitalization of $448.82 million, a P/E ratio of 35.56 and a beta of 0.76.

CTO Realty Growth Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 12th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.77%. CTO Realty Growth’s dividend payout ratio is 276.36%.

Insider Activity at CTO Realty Growth

In related news, Director Christopher W. Haga sold 3,000 shares of CTO Realty Growth stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $19.45, for a total value of $58,350.00. Following the completion of the transaction, the director now directly owns 44,988 shares of the company’s stock, valued at $875,016.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Raymond James upped their target price on CTO Realty Growth from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. Alliance Global Partners upgraded CTO Realty Growth to a “strong-buy” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, CTO Realty Growth currently has a consensus rating of “Buy” and an average price target of $20.33.

About CTO Realty Growth

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.