CTO Realty Growth (NYSE:CTO) Rating Increased to Strong-Buy at Zacks Research

CTO Realty Growth (NYSE:CTO) was upgraded by research analysts at Zacks Research to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

CTO has been the subject of several other reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of CTO Realty Growth in a research report on Wednesday, October 8th. Jones Trading decreased their target price on CTO Realty Growth from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $22.00.

CTO Realty Growth Stock Up 1.9%

Shares of CTO opened at $16.14 on Tuesday. CTO Realty Growth has a 52-week low of $15.06 and a 52-week high of $20.88. The company has a market cap of $531.49 million, a PE ratio of -14.03 and a beta of 0.75. The business has a fifty day moving average of $16.38 and a 200 day moving average of $17.25. The company has a quick ratio of 4.94, a current ratio of 4.94 and a debt-to-equity ratio of 1.05.

CTO Realty Growth declared that its Board of Directors has approved a stock repurchase plan on Wednesday, September 24th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 1.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity at CTO Realty Growth

In other news, CEO John P. Albright purchased 4,200 shares of the business’s stock in a transaction dated Thursday, September 11th. The shares were purchased at an average price of $16.53 per share, for a total transaction of $69,426.00. Following the completion of the purchase, the chief executive officer owned 632,547 shares in the company, valued at approximately $10,456,001.91. This represents a 0.67% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders acquired a total of 8,950 shares of company stock worth $147,739 in the last 90 days. Company insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On CTO Realty Growth

Institutional investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. purchased a new position in shares of CTO Realty Growth during the first quarter valued at $199,000. Allspring Global Investments Holdings LLC grew its stake in CTO Realty Growth by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,711 shares of the company’s stock valued at $381,000 after purchasing an additional 6,912 shares during the last quarter. New York State Teachers Retirement System purchased a new position in CTO Realty Growth in the first quarter valued at about $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in CTO Realty Growth by 1,861.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 320,899 shares of the company’s stock valued at $6,197,000 after purchasing an additional 304,536 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in CTO Realty Growth in the first quarter valued at about $262,000. Hedge funds and other institutional investors own 67.18% of the company’s stock.

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.