CTO Realty Growth (NYSE:CTO) Releases Earnings Results, Misses Expectations By $0.42 EPS

CTO Realty Growth (NYSE:CTO) announced its quarterly earnings data on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.42), Zacks reports. CTO Realty Growth had a net margin of 14.52% and a return on equity of 3.59%. The firm had revenue of $28.85 million during the quarter, compared to analysts’ expectations of $27.46 million. During the same period in the prior year, the company posted $0.48 EPS. CTO Realty Growth updated its FY 2024 guidance to 1.950-2.000 EPS.

CTO Realty Growth Stock Up 3.3 %

Shares of CTO traded up $0.63 during mid-day trading on Friday, hitting $19.61. 207,037 shares of the company’s stock were exchanged, compared to its average volume of 144,264. The company has a market cap of $450.05 million, a price-to-earnings ratio of 35.66 and a beta of 0.76. CTO Realty Growth has a fifty-two week low of $15.63 and a fifty-two week high of $19.76. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.74 and a current ratio of 4.74. The stock’s 50-day moving average is $17.80 and its 200-day moving average is $17.21.

CTO Realty Growth Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Thursday, June 13th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $1.52 annualized dividend and a dividend yield of 7.75%. CTO Realty Growth’s dividend payout ratio is presently 276.37%.

Insider Transactions at CTO Realty Growth

In other CTO Realty Growth news, major shareholder Cto Realty Growth, Inc. purchased 6,262 shares of CTO Realty Growth stock in a transaction dated Friday, July 5th. The shares were acquired 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 owns 196,356 shares of the company’s stock, valued at $2,945,340. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have acquired 21,804 shares of company stock valued at $326,747. 5.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on CTO shares. Alliance Global Partners started coverage on shares of CTO Realty Growth in a research report on Monday, April 8th. They issued a “buy” rating and a $20.00 target price on the stock. Jonestrading decreased their target price on shares of 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. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.33.

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.