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

CTO Realty Growth (NYSE:CTO) issued its quarterly earnings results on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $28.85 million for the quarter, compared to analyst estimates of $27.46 million. During the same period last year, the company earned $0.48 EPS. CTO Realty Growth updated its FY 2024 guidance to 1.950-2.000 EPS.

CTO Realty Growth Stock Up 3.3 %

Shares of NYSE CTO traded up $0.63 during mid-day trading on Friday, reaching $19.61. 207,037 shares of the company’s stock were exchanged, compared to its average volume of 144,264. The firm has a market capitalization of $450.05 million, a price-to-earnings ratio of 35.66 and a beta of 0.76. The company has a current ratio of 4.74, a quick ratio of 4.74 and a debt-to-equity ratio of 1.17. The business has a fifty day simple moving average of $17.80 and a 200 day simple moving average of $17.21. CTO Realty Growth has a twelve month low of $15.63 and a twelve month high of $19.76.

CTO Realty Growth Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Thursday, June 13th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.75%. The ex-dividend date was Thursday, June 13th. CTO Realty Growth’s dividend payout ratio is currently 276.37%.

Insider Transactions at CTO Realty Growth

In other CTO Realty Growth news, major shareholder Cto Realty Growth, Inc. purchased 6,262 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were bought at an average price of $15.00 per share, with a total value of $93,930.00. Following the completion of the transaction, the insider now directly owns 196,356 shares in the company, valued at approximately $2,945,340. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have acquired a total of 21,804 shares of company stock valued at $326,747 over the last 90 days. 5.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Jonestrading cut their target price on CTO Realty Growth from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, May 6th. Alliance Global Partners assumed coverage on CTO Realty Growth in a research note on Monday, April 8th. They issued a “buy” rating and a $20.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, CTO Realty Growth has a consensus rating of “Moderate Buy” and an average 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.