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

CTO Realty Growth, Inc. (NYSE:CTO) declared a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Shareholders of record on Thursday, December 12th will be paid 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% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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 NYSE:CTO traded down $0.16 during midday trading on Wednesday, hitting $19.49. The stock had a trading volume of 280,625 shares, compared to its average volume of 252,227. CTO Realty Growth has a 1 year low of $16.16 and a 1 year high of $21.15. The company has a current ratio of 3.96, a quick ratio of 3.96 and a debt-to-equity ratio of 0.88. The stock 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 market capitalization of $584.08 million, a PE 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 analysts’ consensus estimates of $0.44 by ($0.27). CTO Realty Growth had a return on equity of 4.04% and a net margin of 17.10%. The company had revenue of $31.81 million for the quarter, compared to analysts’ expectations of $30.15 million. During the same period in the prior year, the firm posted $0.48 EPS. As a group, equities analysts predict that CTO Realty Growth will post 1.79 earnings per share for the current fiscal year.

Insider Activity at CTO Realty Growth

In other CTO Realty Growth news, CEO John P. Albright sold 29,488 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $20.71, for a total value of $610,696.48. Following the transaction, the chief executive officer now directly owns 570,554 shares of the company’s stock, valued at $11,816,173.34. This trade represents a 4.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Christopher W. Haga sold 3,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $19.19, for a total value of $57,570.00. Following the completion of the sale, the director now owns 44,988 shares of the company’s stock, valued at approximately $863,319.72. This trade represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,488 shares of company stock worth $726,616. 5.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

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.