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 Tuesday, May 27th, RTT News reports. Investors of record on Thursday, June 12th will be given a dividend of 0.38 per share on Monday, June 30th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.22%. The ex-dividend date is Thursday, June 12th.

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 633.3% 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 research 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 Stock Up 0.7%

CTO stock traded up $0.12 during trading on Friday, reaching $18.50. The stock had a trading volume of 327,744 shares, compared to its average volume of 351,286. 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 company has a market capitalization of $609.30 million, a price-to-earnings ratio of -84.09 and a beta of 0.76. CTO Realty Growth has a one year low of $16.12 and a one year high of $21.15. The company's 50 day moving average is $18.13 and its two-hundred day moving average is $19.10.

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 (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.48. The company had revenue of $35.74 million during the quarter, compared to analyst estimates of $33.39 million. CTO Realty Growth had a negative return on equity of 0.38% and a negative net margin of 1.58%. Equities research analysts forecast that CTO Realty Growth will post 1.92 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on CTO. Wall Street Zen cut shares of CTO Realty Growth from a "hold" rating to a "sell" rating in a research note on Tuesday, May 13th. Raymond James reaffirmed a "strong-buy" rating on shares of CTO Realty Growth in a report on Friday, May 23rd. Finally, B. Riley reissued a "buy" rating and set a $23.00 price objective (up from $22.50) on shares of CTO Realty Growth in a report on Wednesday, March 5th.

Institutional Investors Weigh In On CTO Realty Growth

A hedge fund recently bought a new stake in CTO Realty Growth stock. Jane Street Group LLC bought a new position in CTO Realty Growth, Inc. (NYSE:CTO - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 89,286 shares of the company's stock, valued at approximately $1,724,000. Jane Street Group LLC owned approximately 0.27% of CTO Realty Growth as of its most recent SEC filing. 67.18% of the stock is owned by institutional investors.

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.