CTO Realty Growth (NYSE:CTO) Posts 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 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 analysts’ expectations of $30.15 million. CTO Realty Growth had a return on equity of 3.55% and a net margin of 14.52%. During the same period in the previous 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

NYSE:CTO opened at $19.56 on Friday. CTO Realty Growth has a 12 month low of $15.64 and a 12 month high of $21.15. The company has a debt-to-equity ratio of 0.98, a current ratio of 3.42 and a quick ratio of 3.42. The firm has a market capitalization of $448.82 million, a PE ratio of 35.56 and a beta of 0.76. The business’s fifty day moving average price is $19.13 and its 200 day moving average price is $18.35.

CTO Realty Growth Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Raymond James upped their price objective on CTO Realty Growth from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, August 16th. Alliance Global Partners upgraded CTO Realty Growth to a “strong-buy” rating in a report on Friday, July 26th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, CTO Realty Growth has a consensus rating of “Buy” and an average price target of $20.33.

Insiders Place Their Bets

In other news, Director Christopher W. Haga sold 3,000 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $19.45, for a total value of $58,350.00. Following the transaction, the director now owns 44,988 shares in the company, valued at approximately $875,016.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.00% of the stock is owned by company insiders.

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.