CTO Realty Growth (NYSE:CTO) Upgraded at Zacks Research

Zacks Research upgraded shares of CTO Realty Growth (NYSE:CTO) to a strong-buy rating in a research report report published on Tuesday,Zacks.com reports.

Several other research analysts have also issued reports on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of CTO Realty Growth in a research report on Wednesday, October 8th. Jones Trading reduced their target price on CTO Realty Growth from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $22.00.

CTO Realty Growth Trading Up 1.2%

Shares of NYSE:CTO opened at $16.35 on Tuesday. The business’s 50-day moving average is $16.37 and its 200 day moving average is $17.24. CTO Realty Growth has a 1 year low of $15.06 and a 1 year high of $20.88. The firm has a market capitalization of $538.54 million, a P/E ratio of -14.22 and a beta of 0.75. The company has a debt-to-equity ratio of 1.05, a current ratio of 4.94 and a quick ratio of 4.94.

CTO Realty Growth Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Thursday, September 11th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 11th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 9.3%. CTO Realty Growth’s dividend payout ratio is currently -132.17%.

CTO Realty Growth declared that its Board of Directors has authorized a share repurchase plan on Wednesday, September 24th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 1.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at CTO Realty Growth

In related news, CEO John P. Albright bought 4,200 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were purchased at an average cost of $16.53 per share, with a total value of $69,426.00. Following the completion of the acquisition, the chief executive officer directly owned 632,547 shares in the company, valued at approximately $10,456,001.91. The trade was a 0.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders bought 8,950 shares of company stock valued at $147,739 over the last quarter. 4.00% of the stock is currently owned by corporate insiders.

Institutional Trading of CTO Realty Growth

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in CTO Realty Growth by 13.0% during the first 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 period. Geode Capital Management LLC grew its holdings in CTO Realty Growth by 5.6% during the second quarter. Geode Capital Management LLC now owns 769,177 shares of the company’s stock worth $13,278,000 after acquiring an additional 40,694 shares during the period. Cutler Capital Management LLC grew its holdings in CTO Realty Growth by 234.6% during the second quarter. Cutler Capital Management LLC now owns 642,054 shares of the company’s stock worth $11,082,000 after acquiring an additional 450,162 shares during the period. Grace & White Inc. NY grew its holdings in CTO Realty Growth by 4.5% during the third quarter. Grace & White Inc. NY now owns 615,667 shares of the company’s stock worth $10,035,000 after acquiring an additional 26,296 shares during the period. Finally, LSV Asset Management grew its holdings in CTO Realty Growth by 51.7% during the first 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 period. 67.18% of the stock is owned by institutional investors and hedge funds.

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.