CTO Realty Growth (NYSE:CTO) Stock Falls 3.9% After Earnings Miss

Key Points

• CTO Realty Growth shares fell 3.9% after the company reported quarterly EPS of negative $0.19, missing the $0.20 consensus estimate by $0.39. Revenue of $46.91 million exceeded analyst expectations of $45.21 million.
• The company paid a quarterly dividend of $0.38 per share, equivalent to a $1.52 annualized payout and an 8.1% yield; its dividend payout ratio stands at 111.76%.
• Analysts remain broadly positive, with a consensus “Buy” rating and a $24.50 price target versus the stock’s reported trading price near $18.70. Institutional investors own 67.18% of the company.

Shares of CTO Realty Growth, Inc. (NYSE:CTO - Get Free Report) dropped 3.9% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $18.49 and last traded at $18.6950. 39,125 shares changed hands during trading, a decline of 88% from the average session volume of 329,416 shares. The stock had previously closed at $19.45.

The company reported ($0.19) EPS for the quarter, missing the consensus estimate of $0.20 by ($0.39). The business had revenue of $46.91 million for the quarter, compared to analyst estimates of $45.21 million.

CTO Realty Growth Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, September 10th. This represents a $1.52 annualized dividend and a dividend yield of 8.1%. CTO Realty Growth's dividend payout ratio (DPR) is presently 111.76%.

Wall Street Analyst Weigh In

A number of research firms recently commented on CTO. Huntington started coverage on shares of CTO Realty Growth in a report on Tuesday, August 11th. They issued an "outperform" rating and a $24.00 price target on the stock. JonesTrading reissued a "buy" rating and set a $24.00 price objective on shares of CTO Realty Growth in a report on Thursday, October 1st. Weiss Ratings downgraded CTO Realty Growth from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, September 25th. Cantor Fitzgerald boosted their target price on CTO Realty Growth from $23.00 to $25.00 and gave the company an "overweight" rating in a research note on Monday, August 3rd. Finally, Zacks Research lowered CTO Realty Growth from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $24.50.

Institutional Investors Weigh In On CTO Realty Growth

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Lazard Asset Management LLC purchased a new position in shares of CTO Realty Growth in the first quarter valued at $1,449,000. Bank of New York Mellon Corp bought a new stake in shares of CTO Realty Growth during the 2nd quarter valued at $3,691,000. Public Employees Retirement System of Ohio purchased a new stake in CTO Realty Growth during the 2nd quarter worth about $1,240,000. Y Intercept Hong Kong Ltd purchased a new stake in CTO Realty Growth during the 1st quarter worth about $1,953,000. Finally, Odyssean LLC purchased a new stake in CTO Realty Growth during the 2nd quarter worth about $1,082,000. Institutional investors own 67.18% of the company's stock.

CTO Realty Growth Stock Performance

The firm has a 50 day simple moving average of $20.80 and a 200 day simple moving average of $20.19. The firm has a market cap of $700.03 million, a P/E ratio of 13.73 and a beta of 0.60.

CTO Realty Growth Company Profile

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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