CTO Realty Growth (NYSE:CTO) Hits New 12-Month Low - Here's Why

Key Points

• CTO Realty Growth's stock hit a new 52-week low of $15.84 amidst mid-day trading, a decline from its previous close of $15.96.
• Analysts have lowered the target price for the stock from $22.00 to $21.00 while maintaining a "buy" rating, indicating some potential for recovery despite the current drop.
• The company announced a quarterly dividend of $0.38, with an annualized yield of 9.5%, and plans to repurchase $10 million of its shares, suggesting confidence in its valuation.

CTO Realty Growth, Inc. (NYSE:CTO - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $15.84 and last traded at $15.84, with a volume of 15529 shares traded. The stock had previously closed at $15.96.

Analyst Ratings Changes

Separately, Jones Trading cut their target price on CTO Realty Growth from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to MarketBeat, CTO Realty Growth presently has a consensus rating of "Buy" and a consensus target price of $22.00.

CTO Realty Growth Trading Down 0.2%

The firm has a 50-day moving average price of $16.76 and a 200-day moving average price of $17.63. The stock has a market capitalization of $524.73 million, a PE ratio of -13.85 and a beta of 0.74. The company has a current ratio of 4.94, a quick ratio of 4.94 and a debt-to-equity ratio of 1.05.

CTO Realty Growth Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Thursday, September 11th will be paid a $0.38 dividend. The ex-dividend date is Thursday, September 11th. This represents a $1.52 annualized dividend and a yield of 9.5%. CTO Realty Growth's dividend payout ratio (DPR) is currently -132.17%.

CTO Realty Growth declared that its Board of Directors has approved a stock repurchase program on Wednesday, September 24th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other CTO Realty Growth news, CEO John P. Albright purchased 4,200 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was purchased at an average price of $16.53 per share, for a total transaction of $69,426.00. Following the transaction, the chief executive officer owned 632,547 shares in the company, valued at $10,456,001.91. The trade was a 0.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders bought 8,950 shares of company stock valued at $147,739. 4.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On CTO Realty Growth

Hedge funds have recently made changes to their positions in the business. New York State Teachers Retirement System purchased a new position in shares of CTO Realty Growth during the first quarter valued at approximately $51,000. Tower Research Capital LLC TRC boosted its position in shares of CTO Realty Growth by 51.7% during the second quarter. Tower Research Capital LLC TRC now owns 3,654 shares of the company's stock valued at $63,000 after purchasing an additional 1,245 shares in the last quarter. Police & Firemen s Retirement System of New Jersey boosted its position in shares of CTO Realty Growth by 24.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 7,050 shares of the company's stock valued at $122,000 after purchasing an additional 1,377 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in CTO Realty Growth by 17.3% in the second quarter. Daiwa Securities Group Inc. now owns 10,162 shares of the company's stock worth $175,000 after acquiring an additional 1,496 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. bought a new position in shares of CTO Realty Growth during the first quarter valued at $199,000. 67.18% of the stock is owned by hedge funds and other 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.

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