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

CTO Realty Growth, Inc. (NYSE:CTO) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Shareholders of record on Thursday, March 13th will be given a dividend of 0.38 per share on Monday, March 31st. This represents a $1.52 annualized dividend and a yield of 7.99%. The ex-dividend date is Thursday, March 13th.

CTO Realty Growth has raised its dividend payment by an average of 2.6% per year over the last three years. CTO Realty Growth has a payout ratio of -1,511.1% 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 $1.92 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 70.8%.

CTO Realty Growth Trading Down 5.8 %

Shares of NYSE:CTO opened at $19.04 on Friday. CTO Realty Growth has a 12-month low of $16.33 and a 12-month high of $21.15. 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 capitalization of $570.59 million, a P/E ratio of 32.26 and a beta of 0.78. The firm has a fifty day moving average of $19.74 and a two-hundred day moving average of $19.57.

CTO Realty Growth (NYSE:CTO) last released its quarterly earnings data on Thursday, February 20th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.48. CTO Realty Growth had a return on equity of 4.04% and a net margin of 17.10%. The firm had revenue of $35.74 million during the quarter, compared to analysts’ expectations of $33.39 million. On average, equities analysts expect that CTO Realty Growth will post 1.81 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CTO shares. Raymond James upgraded CTO Realty Growth from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $22.00 to $24.00 in a report on Wednesday, October 30th. StockNews.com raised shares of CTO Realty Growth from a “sell” rating to a “hold” rating in a research report on Friday.

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.