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

CTO Realty Growth, Inc. (NYSE:CTO) declared a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Stockholders of record on Thursday, March 13th will be paid a dividend of 0.38 per share on Monday, March 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.99%. The ex-dividend date of this dividend is Thursday, March 13th.

CTO Realty Growth has raised its dividend by an average of 2.6% annually over the last three years. CTO Realty Growth has a dividend payout ratio of -1,511.1% meaning 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 $1.92 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 70.8%.

CTO Realty Growth Stock Performance

Shares of CTO traded down $1.18 during trading hours on Friday, reaching $19.04. 752,156 shares of the company traded hands, compared to its average volume of 255,163. The stock’s fifty day moving average is $19.76 and its 200 day moving average is $19.57. The stock has a market cap of $570.67 million, a P/E ratio of 32.26 and a beta of 0.78. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.96 and a current ratio of 3.96. CTO Realty Growth has a 1-year low of $16.33 and a 1-year high of $21.15.

CTO Realty Growth (NYSE:CTO) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.48. CTO Realty Growth had a net margin of 17.10% and a return on equity of 4.04%. The business had revenue of $35.74 million during the quarter, compared to analyst estimates of $33.39 million. Equities research analysts anticipate that CTO Realty Growth will post 1.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. StockNews.com lowered shares of CTO Realty Growth from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. Raymond James raised shares of CTO Realty Growth from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $22.00 to $24.00 in a research report on Wednesday, October 30th.

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.