CTO Realty Growth (NYSE:CTO) Releases Earnings Results, Misses Expectations By $0.27 EPS

CTO Realty Growth (NYSE:CTO - Get Free Report) released its earnings results on Thursday. The company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.27), Zacks reports. The firm had revenue of $31.81 million during 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 last year, the business posted $0.48 earnings per share. CTO Realty Growth updated its FY 2024 guidance to 1.830-1.870 EPS.

CTO Realty Growth Trading Down 0.8 %

Shares of NYSE:CTO traded down $0.16 during midday trading on Friday, hitting $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 12 month low of $15.64 and a 12 month high of $21.15. The company has a current ratio of 3.42, a quick ratio of 3.42 and a debt-to-equity ratio of 0.98. The stock has a market cap of $448.82 million, a price-to-earnings ratio of 35.56 and a beta of 0.76. The firm has a fifty day simple moving average of $19.13 and a 200 day simple moving average of $18.35.

CTO Realty Growth Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 12th were given a $0.38 dividend. 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 is currently 276.36%.

Insider Transactions at CTO Realty Growth

In other news, Director Christopher W. Haga sold 3,000 shares of the firm's stock in a transaction on 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 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 document filed with the Securities & Exchange Commission, which is available at this link. 5.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CTO has been the subject of several research reports. Alliance Global Partners raised CTO Realty Growth to a "strong-buy" rating in a research note on Friday, July 26th. Raymond James lifted their target price 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. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, CTO Realty Growth currently has a consensus rating of "Buy" and a consensus target price of $20.33.

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.