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

CTO Realty Growth (NYSE:CTO) posted its 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 net margin of 14.52% and a return on equity of 3.59%. The company had revenue of $28.85 million during the quarter, compared to the consensus estimate of $27.46 million. During the same quarter in the prior year, the business earned $0.48 EPS. CTO Realty Growth updated its FY 2024 guidance to 1.950-2.000 EPS.

CTO Realty Growth Price Performance

CTO Realty Growth stock traded up $0.63 during midday trading on Friday, hitting $19.61. 207,037 shares of the company’s stock were exchanged, compared to its average volume of 144,264. CTO Realty Growth has a 52-week low of $15.63 and a 52-week high of $19.76. The stock has a 50-day moving average price of $17.84 and a two-hundred day moving average price of $17.23. 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 company has a market cap of $450.05 million, a P/E ratio of 35.66 and a beta of 0.76.

CTO Realty Growth Announces Dividend

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

Insider Buying and Selling

In other CTO Realty Growth news, major shareholder Cto Realty Growth, Inc. bought 6,262 shares of CTO Realty Growth stock in a transaction that occurred on Friday, July 5th. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $93,930.00. Following the completion of the transaction, the insider now directly owns 196,356 shares in the company, valued at $2,945,340. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders acquired a total of 21,804 shares of company stock worth $326,747 over the last ninety days. 5.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CTO shares. Alliance Global Partners started coverage on CTO Realty Growth in a report on Monday, April 8th. They issued a “buy” rating and a $20.00 target price on the stock. Jonestrading dropped their price target on CTO Realty Growth from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, May 6th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.