CTO Realty Growth (NYSE:CTO) Announces Earnings Results

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

CTO Realty Growth Price Performance

NYSE:CTO traded up $0.63 during trading hours on Friday, hitting $19.61. The stock had a trading volume of 207,037 shares, compared to its average volume of 144,264. The company has a 50 day simple moving average of $17.84 and a two-hundred day simple moving average of $17.23. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.74 and a quick ratio of 4.74. CTO Realty Growth has a one year low of $15.63 and a one year high of $19.76. The firm has a market capitalization of $450.05 million, a price-to-earnings ratio of 35.66 and a beta of 0.76.

CTO Realty Growth Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have commented on CTO. Alliance Global Partners started coverage on shares of CTO Realty Growth in a research report on Monday, April 8th. They set a “buy” rating and a $20.00 price objective for the company. Jonestrading cut their price target 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 analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.33.

Insider Transactions at CTO Realty Growth

In other CTO Realty Growth news, major shareholder Cto Realty Growth, Inc. bought 7,959 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were bought at an average price of $14.97 per share, for a total transaction of $119,146.23. Following the transaction, the insider now directly owns 190,094 shares in the company, valued at $2,845,707.18. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders purchased 21,804 shares of company stock valued at $326,747. Insiders own 5.00% of the company’s stock.

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.