Consolidated-Tomoka Land Co. (CTO) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Consolidated-Tomoka Land Co. (NYSEMKT:CTO) from a buy rating to a hold rating in a report released on Friday morning.
According to Zacks, “Consolidated-Tomoka Land Co. is primarily engaged in the real estate industry through its wholly owned subsidiaries. Real estate operations include commercial real estate, real estate development, residential and golf operations, property leasing, leasing properties for oil and mineral exploration and the sale of forest products. “
CTO has been the topic of several other reports. FBR & Co restated a buy rating on shares of Consolidated-Tomoka Land in a research note on Thursday, October 19th. BidaskClub upgraded shares of Consolidated-Tomoka Land from a buy rating to a strong-buy rating in a research note on Tuesday, September 26th. Finally, B. Riley restated a buy rating on shares of Consolidated-Tomoka Land in a research note on Wednesday, November 1st.
Consolidated-Tomoka Land (CTO) opened at $57.43 on Friday. Consolidated-Tomoka Land has a fifty-two week low of $49.73 and a fifty-two week high of $61.70.
Consolidated-Tomoka Land (NYSEMKT:CTO) last released its quarterly earnings data on Wednesday, October 18th. The financial services provider reported $0.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.04). Consolidated-Tomoka Land had a net margin of 7.81% and a return on equity of 2.43%. The company had revenue of $12.38 million during the quarter, compared to analyst estimates of $15.03 million.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Friday, November 10th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $0.20 annualized dividend and a yield of 0.35%.
In related news, CFO Mark E. Patten sold 2,640 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $54.88, for a total transaction of $144,883.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Consolidated-Tomoka Land Company Profile
Consolidated-Tomoka Land Co is a real estate operating company. As of December 31, 2016, the Company owned and managed 31 commercial real estate properties in 10 states in the United States. Its segments include Income Properties, Commercial Loan Investments, Real Estate Operations, Golf Operations, and Agriculture and Other.
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