CTO Realty Growth (NYSE:CTO) Posts Earnings Results, Misses Estimates By $0.39 EPS

Key Points

• CTO Realty Growth missed earnings expectations: The REIT reported a quarterly loss of $0.19 per share, $0.39 below consensus, while revenue of $46.91 million exceeded estimates of $45.21 million.
• Shares declined to $19.48 during Tuesday trading, below the company’s 50-day and 200-day moving averages. The stock has traded between $16.17 and $22.71 over the past year.
• CTO maintains an attractive dividend but elevated payout ratio: Its $0.38 quarterly dividend equates to a 7.8% yield and a 111.76% payout ratio. Analysts remain broadly positive, with an average “Buy” rating and a $24.50 consensus price target.

CTO Realty Growth (NYSE:CTO - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.39), FiscalAI reports. The company had revenue of $46.91 million for the quarter, compared to the consensus estimate of $45.21 million. CTO Realty Growth had a net margin of 32.63% and a return on equity of 8.90%.

CTO Realty Growth Price Performance

Shares of NYSE:CTO traded down $0.15 during midday trading on Tuesday, reaching $19.48. 363,488 shares of the company were exchanged, compared to its average volume of 330,827. The company has a current ratio of 8.69, a quick ratio of 8.69 and a debt-to-equity ratio of 0.99. The business's fifty day moving average is $20.85 and its two-hundred day moving average is $20.19. CTO Realty Growth has a one year low of $16.17 and a one year high of $22.71. The stock has a market cap of $730.49 million, a PE ratio of 14.33 and a beta of 0.60.

CTO Realty Growth Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Thursday, September 10th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, September 10th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.8%. CTO Realty Growth's dividend payout ratio is currently 111.76%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CTO shares. Huntington initiated coverage on shares of CTO Realty Growth in a research note on Tuesday, August 11th. They set an "outperform" rating and a $24.00 target price on the stock. Alliance Global Partners reiterated a "buy" rating on shares of CTO Realty Growth in a research note on Wednesday, July 29th. Cantor Fitzgerald raised their price target on CTO Realty Growth from $23.00 to $25.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Weiss Ratings downgraded CTO Realty Growth from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, September 25th. Finally, JonesTrading restated a "buy" rating and issued a $24.00 price objective on shares of CTO Realty Growth in a research report on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, CTO Realty Growth presently has an average rating of "Buy" and a consensus target price of $24.50.

About CTO Realty Growth

CTO Realty Growth, Inc is an internally managed real estate investment trust (REIT) that owns, manages and invests in income-producing commercial real estate. The company's portfolio is focused primarily on open-air shopping centers and other retail properties, including locations anchored by grocery stores, home-improvement retailers and other necessity-based tenants.

The company also makes structured investments in commercial real estate and may pursue additional property investments in select markets.

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