CTO Realty Growth (NYSE:CTO) Shares Down 3.9% After Earnings Miss

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

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

CTO Realty Growth Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Thursday, September 10th were paid a $0.38 dividend. The ex-dividend date was Thursday, September 10th. This represents a $1.52 annualized dividend and a yield of 8.1%. CTO Realty Growth’s dividend payout ratio is currently 111.76%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CTO. Zacks Research lowered shares of CTO Realty Growth from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 31st. Weiss Ratings lowered CTO Realty Growth from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, September 25th. Huntington assumed coverage on CTO Realty Growth in a research report on Tuesday, August 11th. They set an “outperform” rating and a $24.00 target price for the company. Alliance Global Partners restated a “buy” rating on shares of CTO Realty Growth in a research note on Wednesday, July 29th. Finally, JonesTrading restated a “buy” rating and issued a $24.00 target price on shares of CTO Realty Growth in a research note on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $24.50.

Institutional Trading of CTO Realty Growth

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of CTO Realty Growth during the 2nd quarter valued at $77,576,000. Miller Value Partners LLC purchased a new position in CTO Realty Growth in the second quarter worth $11,613,000. Dimensional Fund Advisors LP grew its position in CTO Realty Growth by 6.0% in the first quarter. Dimensional Fund Advisors LP now owns 443,746 shares of the company’s stock worth $8,205,000 after acquiring an additional 24,989 shares in the last quarter. Man Group plc purchased a new position in CTO Realty Growth in the second quarter worth $8,160,000. Finally, Renaissance Technologies LLC increased its stake in CTO Realty Growth by 0.9% in the first quarter. Renaissance Technologies LLC now owns 212,300 shares of the company’s stock valued at $3,925,000 after acquiring an additional 1,799 shares during the last quarter. Hedge funds and other institutional investors own 67.18% of the company’s stock.

CTO Realty Growth Price Performance

The stock has a 50 day moving average of $20.80 and a 200 day 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.