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

CTO Realty Growth, Inc. (NYSE:CTO) announced a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors 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 dividend on an annualized basis and a yield of 7.99%. The ex-dividend date is Thursday, March 13th.

CTO Realty Growth has increased its dividend payment by an average of 2.6% annually 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. Research 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 Stock Performance

CTO Realty Growth stock traded down $1.18 during mid-day trading on Friday, reaching $19.04. 837,375 shares of the stock traded hands, compared to its average volume of 258,626. The stock has a market capitalization of $570.67 million, a PE ratio of 32.26 and a beta of 0.78. The company has a debt-to-equity ratio of 0.88, a current ratio of 3.96 and a quick ratio of 3.96. CTO Realty Growth has a 12-month low of $16.33 and a 12-month high of $21.15. The business’s 50-day moving average is $19.76 and its 200-day moving average is $19.57.

CTO Realty Growth (NYSE:CTO) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $35.74 million during the quarter, compared to analyst estimates of $33.39 million. As a group, sell-side analysts predict that CTO Realty Growth will post 1.81 EPS for the current fiscal year.

Analysts Set New Price Targets

CTO has been the subject of several recent research reports. StockNews.com lowered CTO Realty Growth from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Raymond James raised CTO Realty Growth from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company 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.