CTO Realty Growth, Inc. (NYSE:CTO) Announces $0.38 Quarterly Dividend

CTO Realty Growth, Inc. (NYSE:CTO) declared a quarterly dividend on Tuesday, August 20th, Wall Street Journal reports. Shareholders of record on Thursday, September 12th will be given a dividend of 0.38 per share on Monday, September 30th. This represents a $1.52 annualized dividend and a yield of 8.03%. The ex-dividend date is Thursday, September 12th.

CTO Realty Growth has increased its dividend by an average of 33.9% annually over the last three years. CTO Realty Growth has a dividend payout ratio of -1,085.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect CTO Realty Growth to earn $1.67 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 91.0%.

CTO Realty Growth Trading Down 0.2 %

Shares of NYSE CTO traded down $0.03 during midday trading on Wednesday, hitting $18.94. The stock had a trading volume of 580,314 shares, compared to its average volume of 139,440. The company has a debt-to-equity ratio of 0.98, a current ratio of 3.42 and a quick ratio of 3.42. CTO Realty Growth has a fifty-two week low of $15.63 and a fifty-two week high of $20.28. The firm has a market cap of $434.60 million, a P/E ratio of 34.53 and a beta of 0.76. The company’s 50-day simple moving average is $18.47 and its 200 day simple moving average is $17.56.

CTO Realty Growth (NYSE:CTO) last announced its quarterly earnings data on Thursday, July 25th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.42). The firm had revenue of $28.85 million for the quarter, compared to the consensus estimate of $27.46 million. CTO Realty Growth had a return on equity of 3.55% and a net margin of 14.52%. During the same period in the prior year, the firm posted $0.48 earnings per share. Research analysts anticipate that CTO Realty Growth will post 1.61 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CTO shares. Raymond James raised their price objective on shares of CTO Realty Growth from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. Jonestrading reduced their price target on CTO Realty Growth from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Monday, May 6th. Finally, Alliance Global Partners upgraded CTO Realty Growth to a “strong-buy” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $20.33.

Insider Buying and Selling

In other CTO Realty Growth news, major shareholder Cto Realty Growth, Inc. purchased 6,262 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were bought at an average price of $15.00 per share, with a total value 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have acquired 21,804 shares of company stock valued at $326,747. 5.00% of the stock is owned by company insiders.

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.