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

CTO Realty Growth, Inc. (NYSE:CTO - Get Free Report) declared a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Shareholders of record on Thursday, March 13th will be paid a dividend of 0.38 per share on Monday, March 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.03%. The ex-dividend date is Thursday, March 13th.

CTO Realty Growth has raised its dividend payment by an average of 2.6% annually over the last three years. CTO Realty Growth has a payout ratio of -1,688.9% indicating that 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 Price Performance

Shares of CTO traded up $0.10 during mid-day trading on Tuesday, hitting $18.94. 805,273 shares of the company traded hands, compared to its average volume of 275,658. The company has a current ratio of 3.96, a quick ratio of 3.96 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $567.67 million, a price-to-earnings ratio of -86.07 and a beta of 0.78. The business has a 50-day moving average of $19.67 and a 200 day moving average of $19.55. CTO Realty Growth has a one year low of $16.33 and a one year high of $21.15.

CTO Realty Growth (NYSE:CTO - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.48. CTO Realty Growth had a negative return on equity of 0.38% and a negative net margin of 1.58%. The company had revenue of $35.74 million during the quarter, compared to the consensus estimate of $33.39 million. As a group, equities analysts expect that CTO Realty Growth will post 1.92 earnings per share for the current fiscal year.

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Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. StockNews.com raised shares of CTO Realty Growth from a "sell" rating to a "hold" rating in a research note on Friday. Raymond James upgraded shares of CTO Realty Growth from an "outperform" rating to a "strong-buy" rating and raised their price objective for the stock from $22.00 to $24.00 in a report on Wednesday, October 30th.

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.