Consolidated-Tomoka Land Co. (NYSEAMERICAN:CTO) Plans Dividend Increase – $0.08 Per Share

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Consolidated-Tomoka Land Co. (NYSEAMERICAN:CTO) declared a quarterly dividend on Thursday, October 18th, Wall Street Journal reports. Investors of record on Friday, November 9th will be given a dividend of 0.08 per share by the financial services provider on Friday, November 30th. This represents a $0.32 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Thursday, November 8th. This is a positive change from Consolidated-Tomoka Land’s previous quarterly dividend of $0.07.

Consolidated-Tomoka Land has raised its dividend by an average of 37.0% per year over the last three years and has increased its dividend every year for the last 5 years. Consolidated-Tomoka Land has a dividend payout ratio of 6.1% indicating that its dividend is sufficiently covered by earnings.

CTO traded down $3.00 on Friday, hitting $57.87. The company had a trading volume of 8,067 shares, compared to its average volume of 15,299. Consolidated-Tomoka Land has a 12-month low of $56.00 and a 12-month high of $67.97.

Consolidated-Tomoka Land (NYSEAMERICAN:CTO) last announced its earnings results on Wednesday, October 17th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.05. The business had revenue of $18.43 million for the quarter, compared to analysts’ expectations of $18.36 million.

In related news, VP Steven Robert Greathouse sold 2,800 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $64.25, for a total value of $179,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

A hedge fund recently raised its stake in Consolidated-Tomoka Land stock. Bank of New York Mellon Corp increased its holdings in Consolidated-Tomoka Land Co. (NYSEAMERICAN:CTO) by 4.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,373 shares of the financial services provider’s stock after buying an additional 1,052 shares during the period. Bank of New York Mellon Corp owned about 0.42% of Consolidated-Tomoka Land worth $1,439,000 as of its most recent filing with the Securities & Exchange Commission.

Separately, Zacks Investment Research lowered Consolidated-Tomoka Land from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th.

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Consolidated-Tomoka Land Company Profile

Consolidated-Tomoka Land Co, together with its subsidiaries, operates as a diversified real estate operating company in the United States. The company operates through four segments: Income Properties, Commercial Loan Investments, Real Estate Operations, and Golf Operations. It owns and manages commercial real estate properties.

Further Reading: Price to Earnings Ratio (PE) Basics

Dividend History for Consolidated-Tomoka Land (NYSEAMERICAN:CTO)

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