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

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 given a dividend of 0.38 per share on Tuesday, December 31st. This represents a $1.52 dividend on an annualized basis 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 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. 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 Trading Down 0.8 %

CTO stock opened at $19.49 on Thursday. The company has a debt-to-equity ratio of 0.88, a current ratio of 3.96 and a quick ratio of 3.96. The company has a fifty day moving average price of $19.35 and a two-hundred day moving average price of $18.69. CTO Realty Growth has a one year low of $16.16 and a one year high of $21.15. The stock has a market cap of $584.16 million, a price-to-earnings ratio of 33.03 and a beta of 0.76.

CTO Realty Growth (NYSE:CTO) last posted its earnings results on Thursday, October 24th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.27). The firm had revenue of $31.81 million for the quarter, compared to analyst estimates of $30.15 million. CTO Realty Growth had a return on equity of 4.04% and a net margin of 17.10%. During the same period in the prior year, the business posted $0.48 EPS. Equities analysts anticipate that CTO Realty Growth will post 1.79 EPS for the current year.

Insider Activity at CTO Realty Growth

In other news, CEO John P. Albright sold 29,488 shares of CTO Realty Growth stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $20.71, for a total value of $610,696.48. Following the sale, the chief executive officer now directly owns 570,554 shares in the company, valued at approximately $11,816,173.34. This trade represents a 4.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher W. Haga sold 3,000 shares of CTO Realty Growth stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $19.45, for a total value of $58,350.00. Following the completion of the sale, the director now owns 44,988 shares in the company, valued at approximately $875,016.60. This represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,488 shares of company stock valued at $726,616. Corporate insiders own 5.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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