State of New Jersey Common Pension Fund D Buys 35,000 Shares of CTO Realty Growth, Inc. $CTO

Key Points

• The State of New Jersey Common Pension Fund D increased its stake in CTO Realty Growth, Inc. by 17.5%, owning 235,068 shares worth approximately $4.54 million as of its latest SEC filing.
• CTO Realty Growth announced a quarterly dividend of $0.38 per share, resulting in an annualized dividend yield of 9.2%, despite a negative payout ratio.
• Analysts have given CTO Realty Growth an average rating of "Buy", with estimates showing a target price of $22.00 per share.

State of New Jersey Common Pension Fund D grew its holdings in shares of CTO Realty Growth, Inc. (NYSE:CTO - Free Report) by 17.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 235,068 shares of the company's stock after purchasing an additional 35,000 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.71% of CTO Realty Growth worth $4,539,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CTO. Invesco Ltd. raised its holdings in CTO Realty Growth by 681.9% in the 4th quarter. Invesco Ltd. now owns 468,556 shares of the company's stock worth $9,235,000 after acquiring an additional 408,632 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in CTO Realty Growth in the 4th quarter worth approximately $6,485,000. Vanguard Group Inc. raised its holdings in CTO Realty Growth by 13.0% in the 1st quarter. Vanguard Group Inc. now owns 2,842,294 shares of the company's stock worth $54,885,000 after acquiring an additional 327,505 shares during the last quarter. Leeward Investments LLC MA raised its holdings in CTO Realty Growth by 356.0% in the 1st quarter. Leeward Investments LLC MA now owns 394,793 shares of the company's stock worth $7,623,000 after acquiring an additional 308,213 shares during the last quarter. Finally, LSV Asset Management raised its holdings in CTO Realty Growth by 51.7% in the 1st quarter. LSV Asset Management now owns 578,917 shares of the company's stock worth $11,179,000 after acquiring an additional 197,337 shares during the last quarter. 67.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CTO shares. Raymond James Financial restated a "strong-buy" rating on shares of CTO Realty Growth in a report on Friday, May 23rd. Jones Trading decreased their price objective on shares of CTO Realty Growth from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. Finally, Wall Street Zen lowered shares of CTO Realty Growth from a "hold" rating to a "sell" rating in a report on Tuesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $22.00.

CTO Realty Growth Stock Performance

Shares of NYSE:CTO traded down $0.08 during midday trading on Monday, hitting $16.87. The company had a trading volume of 222,109 shares, compared to its average volume of 303,526. The company has a debt-to-equity ratio of 1.05, a current ratio of 4.94 and a quick ratio of 4.94. The company has a market cap of $555.70 million, a price-to-earnings ratio of -14.67 and a beta of 0.74. CTO Realty Growth, Inc. has a 12-month low of $16.12 and a 12-month high of $21.15. The company has a fifty day moving average of $17.17 and a two-hundred day moving average of $18.08.

CTO Realty Growth Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Thursday, September 11th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 9.0%. The ex-dividend date is Thursday, September 11th. CTO Realty Growth's dividend payout ratio is -132.17%.

Insider Buying and Selling at CTO Realty Growth

In other news, Director George R. Brokaw bought 2,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was bought at an average price of $16.94 per share, with a total value of $33,880.00. Following the acquisition, the director owned 91,701 shares of the company's stock, valued at approximately $1,553,414.94. This represents a 2.23% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John P. Albright bought 3,800 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was purchased at an average cost of $17.05 per share, with a total value of $64,790.00. Following the acquisition, the chief executive officer directly owned 628,347 shares in the company, valued at $10,713,316.35. This trade represents a 0.61% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 7,800 shares of company stock valued at $132,960 over the last 90 days. 4.00% of the stock is currently owned by company insiders.

CTO Realty Growth 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.