CTO Realty Growth, Inc. (CTO) To Go Ex-Dividend on September 12th

CTO Realty Growth, Inc. (NYSE:CTO) declared a quarterly dividend on Tuesday, August 20th, Wall Street Journal reports. Stockholders of record on Thursday, September 12th will be given a dividend of 0.38 per share on Monday, September 30th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.78%. The ex-dividend date is Thursday, September 12th.

CTO Realty Growth has raised its dividend payment by an average of 33.9% annually over the last three years. CTO Realty Growth has a payout ratio of -1,085.7% 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 Stock Performance

Shares of CTO Realty Growth stock opened at $19.53 on Tuesday. The business has a 50-day simple moving average of $18.95 and a 200 day simple moving average of $17.82. CTO Realty Growth has a one year low of $15.63 and a one year high of $20.28. The company has a debt-to-equity ratio of 0.98, a current ratio of 3.42 and a quick ratio of 3.42. The firm has a market capitalization of $451.42 million, a price-to-earnings ratio of 35.50 and a beta of 0.76.

CTO Realty Growth (NYSE:CTO) last released its quarterly earnings data on Thursday, July 25th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.39 by ($0.42). CTO Realty Growth had a net margin of 14.52% and a return on equity of 3.55%. The firm had revenue of $28.85 million for the quarter, compared to the consensus estimate of $27.46 million. During the same quarter in the prior year, the firm earned $0.48 EPS. On average, research analysts anticipate that CTO Realty Growth will post 1.77 earnings per share for the current fiscal year.

Insider Buying and Selling at CTO Realty Growth

In related news, Director Christopher W. Haga sold 3,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $19.19, for a total transaction of $57,570.00. Following the transaction, the director now directly owns 44,988 shares in the company, valued at $863,319.72. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Christopher W. Haga sold 3,000 shares of CTO Realty Growth stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $19.19, for a total transaction of $57,570.00. Following the sale, the director now directly owns 44,988 shares in the company, valued at $863,319.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Cto Realty Growth, Inc. acquired 6,262 shares of CTO Realty Growth stock in a transaction on Friday, July 5th. The stock was acquired at an average price of $15.00 per share, with a total value of $93,930.00. Following the purchase, the insider now directly owns 196,356 shares in the company, valued at $2,945,340. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 21,613 shares of company stock worth $323,882. Corporate insiders own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Alliance Global Partners raised shares of CTO Realty Growth to a “strong-buy” rating in a research note on Friday, July 26th. Raymond James raised their price target on shares of CTO Realty Growth from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, August 16th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $20.33.

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.