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

CTO Realty Growth, Inc. (NYSE:CTO) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Stockholders 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 annualized dividend and a dividend yield of 7.45%. 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 dividend 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 $1.91 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 79.6%.

CTO Realty Growth Stock Down 0.1 %

NYSE:CTO opened at $20.41 on Tuesday. The company has a market cap of $611.89 million, a price-to-earnings ratio of 34.59 and a beta of 0.77. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.96 and a current ratio of 3.96. The stock’s fifty day moving average price is $19.64 and its two-hundred day moving average price is $18.95. CTO Realty Growth has a 52-week low of $16.16 and a 52-week high of $21.15.

CTO Realty Growth (NYSE:CTO) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 17.10% and a return on equity of 4.04%. During the same period last year, the company earned $0.48 EPS. On average, analysts anticipate that CTO Realty Growth will post 1.8 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on CTO. StockNews.com cut 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 lifted their target price for the stock from $22.00 to $24.00 in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, two have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, CTO Realty Growth has a consensus rating of “Buy” and an average target price of $21.00.

Insider Activity

In other news, CEO John P. Albright sold 29,488 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $20.71, for a total value of $610,696.48. Following the completion of the transaction, the chief executive officer now owns 570,554 shares of the company’s stock, valued at $11,816,173.34. The trade was a 4.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.30% of the stock is currently owned by company insiders.

About CTO Realty Growth

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.