CTO Realty Growth (NYSE:CTO) Reaches New 52-Week Low - Here's Why

Key Points

• CTO Realty Growth (NYSE:CTO) shares reached a new 52-week low of $15.78 during trading, marking a decline from its previous closing price of $16.23.
• The company declared a quarterly dividend of $0.38 per share, resulting in an annualized yield of 9.8%, but has a negative payout ratio of -132.17%.
• CTO Realty Growth initiated a $10 million share buyback plan, signaling management's belief that the stock is undervalued.

CTO Realty Growth, Inc. (NYSE:CTO - Get Free Report) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $15.78 and last traded at $15.79, with a volume of 97760 shares changing hands. The stock had previously closed at $16.23.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CTO. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of CTO Realty Growth in a research report on Saturday, September 27th. Jones Trading reduced their price objective on CTO Realty Growth from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.00.

CTO Realty Growth Trading Down 4.1%

The company has a market capitalization of $512.88 million, a PE ratio of -13.54 and a beta of 0.75. The company has a current ratio of 4.94, a quick ratio of 4.94 and a debt-to-equity ratio of 1.05. The stock has a fifty day moving average of $16.62 and a two-hundred day moving average of $17.54.

CTO Realty Growth Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Thursday, September 11th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, September 11th. This represents a $1.52 annualized dividend and a dividend yield of 9.8%. CTO Realty Growth's payout ratio is currently -132.17%.

CTO Realty Growth declared that its Board of Directors has initiated a share buyback plan on Wednesday, September 24th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the company to reacquire up to 1.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Insider Transactions at CTO Realty Growth

In related news, CEO John P. Albright acquired 4,200 shares of the stock in a transaction on Thursday, September 11th. The stock was acquired at an average price of $16.53 per share, for a total transaction of $69,426.00. Following the completion of the purchase, the chief executive officer owned 632,547 shares of the company's stock, valued at $10,456,001.91. This represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired a total of 8,950 shares of company stock worth $147,739 in the last three months. 4.00% of the stock is currently owned by insiders.

Institutional Trading of CTO Realty Growth

A number of hedge funds have recently bought and sold shares of CTO. GAMMA Investing LLC increased its position in CTO Realty Growth by 2,033.9% in the first quarter. GAMMA Investing LLC now owns 26,802 shares of the company's stock worth $518,000 after buying an additional 25,546 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of CTO Realty Growth in the first quarter worth about $262,000. Exchange Traded Concepts LLC boosted its stake in shares of CTO Realty Growth by 2.5% in the first quarter. Exchange Traded Concepts LLC now owns 126,035 shares of the company's stock worth $2,434,000 after acquiring an additional 3,075 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in shares of CTO Realty Growth in the first quarter worth about $199,000. Finally, Oppenheimer Asset Management Inc. boosted its stake in shares of CTO Realty Growth by 13.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 11,618 shares of the company's stock worth $224,000 after acquiring an additional 1,390 shares during the period. Hedge funds and other institutional investors own 67.18% of the company's stock.

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.

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