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

CTO Realty Growth, Inc. (NYSE:CTO) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Shareholders of record on Thursday, December 12th will be given a dividend of 0.38 per share on Tuesday, December 31st. This represents a $1.52 annualized dividend and a yield of 7.80%. The ex-dividend date of this dividend is Thursday, December 12th.

CTO Realty Growth has raised its dividend by an average of 33.9% annually over the last three years. CTO Realty Growth has a dividend payout ratio of 1,381.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect CTO Realty Growth to earn $1.93 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 78.8%.

CTO Realty Growth Stock Performance

Shares of CTO Realty Growth stock traded down $0.16 on Wednesday, reaching $19.49. 280,625 shares of the stock were exchanged, compared to its average volume of 252,227. CTO Realty Growth has a twelve month low of $16.16 and a twelve month high of $21.15. The business has a 50 day moving average price of $19.33 and a two-hundred day moving average price of $18.68. The company has a quick ratio of 3.96, a current ratio of 3.96 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $584.08 million, a price-to-earnings ratio of 33.03 and a beta of 0.76.

CTO Realty Growth (NYSE:CTO) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.27). The business had revenue of $31.81 million during the quarter, compared to analysts’ expectations of $30.15 million. CTO Realty Growth had a net margin of 17.10% and a return on equity of 4.04%. During the same period last year, the company earned $0.48 earnings per share. Analysts anticipate that CTO Realty Growth will post 1.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on CTO. Alliance Global Partners upgraded shares of CTO Realty Growth to a “strong-buy” rating in a research report on Friday, July 26th. Raymond James raised shares of CTO Realty Growth from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $22.00 to $24.00 in a report on Wednesday, October 30th. Finally, StockNews.com lowered shares of CTO Realty Growth from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. One investment analyst has rated the stock with a sell rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $21.00.

Insiders Place Their Bets

In other CTO Realty Growth news, CEO John P. Albright sold 29,488 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $20.71, for a total value of $610,696.48. Following the transaction, the chief executive officer now owns 570,554 shares of the company’s stock, valued at $11,816,173.34. This represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Christopher W. Haga sold 3,000 shares of CTO Realty Growth stock in a transaction on Monday, September 9th. The shares were sold at an average price of $19.45, for a total value of $58,350.00. Following the completion of the sale, the director now directly owns 44,988 shares of the company’s stock, valued at $875,016.60. The trade was a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,488 shares of company stock valued at $726,616 in the last ninety days. 5.30% of the stock is currently owned by corporate 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.