CTO Realty Growth, Inc. to Issue Quarterly Dividend of $0.38 (NYSE:CTO)

CTO Realty Growth, Inc. (NYSE:CTO) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Shareholders of record on Thursday, March 13th will be paid a dividend of 0.38 per share on Monday, March 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.90%. The ex-dividend date of this dividend is Thursday, March 13th.

CTO Realty Growth has raised its dividend by an average of 2.6% annually over the last three years. CTO Realty Growth has a payout ratio of 760.0% 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 $1.91 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 79.6%.

CTO Realty Growth Trading Down 0.2 %

NYSE:CTO opened at $19.24 on Tuesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.96 and a current ratio of 3.96. CTO Realty Growth has a one year low of $16.33 and a one year high of $21.15. The business’s 50-day simple moving average is $19.59 and its 200 day simple moving average is $19.54. The stock has a market cap of $612.50 million, a price-to-earnings ratio of -87.43 and a beta of 0.77.

CTO Realty Growth (NYSE:CTO) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.01 by $0.48. CTO Realty Growth had a negative return on equity of 0.38% and a negative net margin of 1.58%. The business had revenue of $35.74 million for the quarter, compared to analysts’ expectations of $33.39 million. As a group, sell-side analysts predict that CTO Realty Growth will post 1.92 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on CTO shares. B. Riley restated a “buy” rating and set a $23.00 price objective (up previously from $22.50) on shares of CTO Realty Growth in a research note on Wednesday, March 5th. StockNews.com cut CTO Realty Growth from a “hold” rating to a “sell” rating in a research note on Saturday, March 1st. One analyst has rated the stock with a sell rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $21.50.

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.