CTO Realty Growth (NYSE:CTO) to Repurchase $10.00 million in Outstanding Shares

Key Points

• CTO Realty Growth has initiated a stock repurchase program totaling $10 million, allowing the company to buy back up to 1.9% of its shares, which indicates management believes the stock is undervalued.
• The company announced a quarterly dividend of $0.38 per share, resulting in an annualized dividend of $1.52 and a yield of 9.4%.
• Despite a drop in target price from $22.00 to $21.00, analysts maintain a "buy" rating for CTO Realty Growth, reflecting overall positive sentiment toward the stock.

CTO Realty Growth (NYSE:CTO - Get Free Report) declared that its Board of Directors has initiated a stock repurchase program on Wednesday, September 24th, RTT News reports. The company plans to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 1.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its shares are undervalued.

CTO Realty Growth Stock Performance

Shares of NYSE CTO traded up $0.16 during trading on Wednesday, reaching $16.24. 344,597 shares of the company traded hands, compared to its average volume of 273,681. The firm's fifty day simple moving average is $16.82 and its 200 day simple moving average is $17.69. The stock has a market cap of $535.08 million, a P/E ratio of -14.13 and a beta of 0.74. CTO Realty Growth has a 12-month low of $16.07 and a 12-month high of $20.88. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Thursday, September 11th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, September 11th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 9.4%. CTO Realty Growth's dividend payout ratio (DPR) is presently -132.17%.

Wall Street Analyst Weigh In

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

Insider Transactions at CTO Realty Growth

In related news, CEO John P. Albright acquired 4,200 shares of CTO Realty Growth 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 purchase, the chief executive officer owned 632,547 shares of the company's stock, valued at approximately $10,456,001.91. This represents a 0.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director George R. Brokaw acquired 2,000 shares of CTO Realty Growth stock in a transaction on Thursday, June 26th. The shares were bought at an average price of $16.94 per share, with a total value of $33,880.00. Following the purchase, the director directly owned 91,701 shares in the company, valued at approximately $1,553,414.94. The trade was a 2.23% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 16,750 shares of company stock valued at $280,699 in the last quarter. Company insiders own 4.00% of the company's stock.

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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