CTO Realty Growth, Inc. Announces Quarterly Dividend of $0.38 (NYSE:CTO)

CTO Realty Growth, Inc. (NYSE:CTO) declared a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Shareholders of record on Thursday, March 13th will be paid a dividend of 0.38 per share on Monday, March 31st. This represents a $1.52 dividend on an annualized basis and a yield of 7.99%. The ex-dividend date is Thursday, March 13th.

CTO Realty Growth has increased its dividend payment by an average of 2.6% annually over the last three years. CTO Realty Growth has a dividend payout ratio of -1,511.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect CTO Realty Growth to earn $1.92 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 70.8%.

CTO Realty Growth Trading Down 5.8 %

CTO stock traded down $1.18 during midday trading on Friday, reaching $19.04. The company’s stock had a trading volume of 752,156 shares, compared to its average volume of 255,163. CTO Realty Growth has a 52 week low of $16.33 and a 52 week high of $21.15. The stock has a market cap of $570.67 million, a PE ratio of 32.26 and a beta of 0.78. The company has a quick ratio of 3.96, a current ratio of 3.96 and a debt-to-equity ratio of 0.88. The business’s 50-day simple moving average is $19.76 and its 200-day simple moving average is $19.57.

CTO Realty Growth (NYSE:CTO) last posted its earnings results on Thursday, February 20th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.48. The company had revenue of $35.74 million for the quarter, compared to analyst estimates of $33.39 million. CTO Realty Growth had a net margin of 17.10% and a return on equity of 4.04%. As a group, sell-side analysts expect that CTO Realty Growth will post 1.81 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Raymond James upgraded shares of CTO Realty Growth from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $22.00 to $24.00 in a report on Wednesday, October 30th. StockNews.com lowered shares of CTO Realty Growth from a “hold” rating to a “sell” rating in a report on Monday, October 28th.

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.