CTO Realty Growth (NYSE:CTO) Issues Quarterly Earnings Results, Misses Estimates By $0.27 EPS

CTO Realty Growth (NYSE:CTO) announced its earnings results on Thursday. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.27), Zacks reports. The business 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 14.52% and a return on equity of 3.55%. During the same period in the prior year, the company earned $0.48 earnings per share. CTO Realty Growth updated its FY 2024 guidance to 1.830-1.870 EPS.

CTO Realty Growth Stock Performance

Shares of CTO traded down $0.16 during mid-day trading on Friday, reaching $19.56. The company had a trading volume of 441,511 shares, compared to its average volume of 232,849. CTO Realty Growth has a 52-week low of $15.64 and a 52-week high of $21.15. The stock has a market capitalization of $448.82 million, a P/E ratio of 35.56 and a beta of 0.76. The stock has a 50 day moving average of $19.13 and a two-hundred day moving average of $18.34. The company has a quick ratio of 3.42, a current ratio of 3.42 and a debt-to-equity ratio of 0.98.

CTO Realty Growth Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 12th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, September 12th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.77%. CTO Realty Growth’s payout ratio is currently 276.36%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Raymond James boosted their price target on CTO Realty Growth from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. Alliance Global Partners upgraded 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 hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, CTO Realty Growth presently has an average rating of “Buy” and a consensus price target of $20.33.

Insiders Place Their Bets

In other news, Director Christopher W. Haga sold 3,000 shares of the firm’s stock in a transaction dated 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 directly owns 44,988 shares in the company, valued at $875,016.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.00% of the company’s stock.

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.