CTO Realty Growth (NYSE:CTO) Share Price Breaks Above 200-Day Moving Average – Here’s Why

CTO Realty Growth, Inc. (NYSE:CTO)’s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $20.24 and traded as high as $20.60. CTO Realty Growth shares last traded at $20.4640, with a volume of 380,114 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts recently commented on CTO shares. Huntington initiated coverage on CTO Realty Growth in a research note on Tuesday, October 27th. They issued a “strong-buy” rating for the company. JonesTrading reissued a “buy” rating and set a $24.00 price objective on shares of CTO Realty Growth in a research report on Thursday, October 1st. Weiss Ratings downgraded shares of CTO Realty Growth from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, October 28th. Zacks Research lowered shares of CTO Realty Growth from a “strong-buy” rating to a “hold” rating in a report on Monday, August 31st. Finally, Wall Street Zen cut shares of CTO Realty Growth from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $24.50.

CTO Realty Growth Stock Up 2.4%

The stock’s 50 day simple moving average is $20.55 and its two-hundred day simple moving average is $20.24. The firm has a market cap of $793.18 million, a P/E ratio of 17.95 and a beta of 0.63. The company has a debt-to-equity ratio of 1.05, a current ratio of 6.06 and a quick ratio of 6.06.

CTO Realty Growth (NYSE:CTO) last announced its quarterly earnings data on Tuesday, October 27th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.39). CTO Realty Growth had a net margin of 26.12% and a return on equity of 7.15%. The company had revenue of $46.91 million for the quarter, compared to analysts’ expectations of $45.21 million. As a group, research analysts forecast that CTO Realty Growth, Inc. will post 2.11 earnings per share for the current year.

CTO Realty Growth Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Thursday, September 10th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date was Thursday, September 10th. CTO Realty Growth’s payout ratio is presently 133.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of CTO Realty Growth in the second quarter worth about $77,576,000. Miller Value Partners LLC purchased a new position in CTO Realty Growth during the second quarter valued at $11,613,000. Man Group plc bought a new stake in CTO Realty Growth in the 2nd quarter valued at $8,160,000. Bank of New York Mellon Corp bought a new stake in CTO Realty Growth in the 2nd quarter valued at $3,691,000. Finally, Bank of America Corp DE bought a new stake in CTO Realty Growth in the 2nd quarter valued at $2,428,000. 67.18% of the stock is owned by institutional investors.

About CTO Realty Growth

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.