CTO Realty Growth (NYSE:CTO) Shares Gap Down - Here's What Happened

CTO Realty Growth, Inc. (NYSE:CTO - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $18.08, but opened at $17.29. CTO Realty Growth shares last traded at $17.49, with a volume of 237,693 shares changing hands.

Wall Street Analyst Weigh In

CTO has been the subject of several recent analyst reports. Raymond James Financial reiterated a "strong-buy" rating on shares of CTO Realty Growth in a research note on Friday, May 23rd. B. Riley reissued a "buy" rating and set a $23.00 price target (up from $22.50) on shares of CTO Realty Growth in a report on Wednesday, March 5th. Finally, 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.

CTO Realty Growth Stock Performance

The stock has a market cap of $568.31 million, a price-to-earnings ratio of -42.06 and a beta of 0.75. The company has a quick ratio of 5.54, a current ratio of 5.54 and a debt-to-equity ratio of 1.01. The stock's fifty day moving average is $18.14 and its 200-day moving average is $18.87.

CTO Realty Growth Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Thursday, June 12th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 8.81%. The ex-dividend date is Thursday, June 12th. CTO Realty Growth's dividend payout ratio (DPR) is -370.73%.

Insider Buying and Selling at CTO Realty Growth

In related news, CEO John P. Albright bought 3,800 shares of CTO Realty Growth stock in a transaction that occurred on Thursday, June 26th. The stock was acquired at an average price of $17.05 per share, with a total value of $64,790.00. Following the acquisition, the chief executive officer now owns 628,347 shares of the company's stock, valued at approximately $10,713,316.35. This represents a 0.61% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director George R. Brokaw bought 2,000 shares of the stock in a transaction dated Thursday, June 26th. The shares were purchased at an average price of $16.94 per share, for a total transaction of $33,880.00. Following the purchase, the director now owns 91,701 shares of the company's stock, valued at $1,553,414.94. This trade represents a 2.23% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 7,800 shares of company stock worth $132,960 over the last quarter. 4.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CTO. New York State Teachers Retirement System bought a new position in shares of CTO Realty Growth during the first quarter worth approximately $51,000. Summit Investment Advisors Inc. increased its position in shares of CTO Realty Growth by 39.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,020 shares of the company's stock worth $60,000 after purchasing an additional 852 shares during the period. NewEdge Advisors LLC lifted its position in CTO Realty Growth by 300.0% during the fourth quarter. NewEdge Advisors LLC now owns 4,000 shares of the company's stock worth $79,000 after purchasing an additional 3,000 shares during the period. Daiwa Securities Group Inc. increased its holdings in CTO Realty Growth by 32.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 8,666 shares of the company's stock valued at $171,000 after buying an additional 2,118 shares during the period. Finally, Lazard Asset Management LLC acquired a new stake in shares of CTO Realty Growth during the 4th quarter worth approximately $179,000. 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.