CTO Realty Growth, Inc. (CTO) to Issue Quarterly Dividend of $0.38 on December 31st

CTO Realty Growth, Inc. (NYSE:CTO) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Shareholders of record on Thursday, December 12th will be paid 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 increased its dividend payment 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. Equities 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 Stock Down 0.8 %

Shares of NYSE:CTO opened at $19.49 on Thursday. CTO Realty Growth has a 12 month low of $16.16 and a 12 month high of $21.15. The company’s 50-day moving average price is $19.35 and its two-hundred day moving average price is $18.69. The company has a quick ratio of 3.96, a current ratio of 3.96 and a debt-to-equity ratio of 0.88. The firm has a market cap of $584.16 million, a P/E ratio of 33.03 and a beta of 0.76.

CTO Realty Growth (NYSE:CTO) last issued its quarterly earnings data on Thursday, October 24th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.27). CTO Realty Growth had a return on equity of 4.04% and a net margin of 17.10%. The company had revenue of $31.81 million for the quarter, compared to the consensus estimate of $30.15 million. During the same period in the prior year, the company earned $0.48 EPS. As a group, research analysts forecast that CTO Realty Growth will post 1.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. StockNews.com downgraded shares of CTO Realty Growth from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. Alliance Global Partners upgraded shares of CTO Realty Growth to a “strong-buy” rating in a research report on Friday, July 26th. Finally, Raymond James upgraded shares of CTO Realty Growth from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $22.00 to $24.00 in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, CTO Realty Growth has an average rating of “Buy” and a consensus target price of $21.00.

Insider Activity at CTO Realty Growth

In other CTO Realty Growth news, CEO John P. Albright sold 29,488 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $20.71, for a total transaction 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 SEC, which is accessible through this link. Also, Director Christopher W. Haga sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $19.45, for a total transaction of $58,350.00. Following the sale, the director now owns 44,988 shares in the company, valued at $875,016.60. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,488 shares of company stock worth $726,616 in the last ninety days. Company insiders own 5.30% 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.