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CTO

CTO Realty Growth NYSE:CTO Stock Report

Last Price

US$18.74

Market Cap

US$343.3m

7D

-3.5%

1Y

2.7%

Updated

02 Oct, 2022

Data

Company Financials +
CTO fundamental analysis
Snowflake Score
Valuation5/6
Future Growth1/6
Past Performance1/6
Financial Health2/6
Dividends4/6

CTO Stock Overview

CTO Realty Growth, Inc. is a Florida-based publicly traded real estate company, which owns income properties comprised of approximately 2.4 million square feet in diversified markets in the United States and an approximately 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE).

CTO Realty Growth Competitors

Price History & Performance

Summary of all time highs, changes and price drops for CTO Realty Growth
Historical stock prices
Current Share PriceUS$18.74
52 Week HighUS$23.07
52 Week LowUS$17.57
Beta0.56
1 Month Change-10.16%
3 Month Change-9.25%
1 Year Change2.74%
3 Year Change-14.18%
5 Year Change-8.58%
Change since IPO186.47%

Recent News & Updates

Sep 21

CTO Realty Growth upsizes credit facility to $565M

CTO Realty Growth (NYSE:CTO) said Wednesday it amended its senior unsecured revolving credit facility, increasing it to $565M. The credit facility is comprised of a $300M unsecured revolving credit facility, a new $100M unsecured term loan, and CTO's existing $165M of unsecured term loans. The credit facility includes accordion options that allow CTO to request additional revolver lender commitments up to $750M and additional term loan lender commitments up to $500M. It includes a sustainability-linked pricing component that reduces the interest rate margin if CTO meets certain sustainability targets. The credit facility also transitions CTO from LIBOR to SOFR borrowings. The revolver will mature in Jan. 2027, with options to extend the maturity for an additional year to Jan. 2028. Initial interest rate for the revolver will be SOFR plus 135 bps and a 10-bps SOFR index adjustment. The 2028 term loan was fully drawn at close, and proceeds were used to repay outstanding balances on CTO's revolver. The term loan has an initial interest rate of SOFR plus 130 bps and a 10-bps SOFR index adjustment. CTO plans to fix its term loan SOFR exposure using interest rate swaps.

Shareholder Returns

CTOUS REITsUS Market
7D-3.5%-4.1%-2.5%
1Y2.7%-20.4%-23.2%

Return vs Industry: CTO exceeded the US REITs industry which returned -20.4% over the past year.

Return vs Market: CTO exceeded the US Market which returned -23.2% over the past year.

Price Volatility

Is CTO's price volatile compared to industry and market?
CTO volatility
CTO Average Weekly Movement3.9%
REITs Industry Average Movement4.2%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: CTO is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: CTO's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
190219John Albrighthttps://ctorealtygrowth.com

CTO Realty Growth, Inc. is a Florida-based publicly traded real estate company, which owns income properties comprised of approximately 2.4 million square feet in diversified markets in the United States and an approximately 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE).

CTO Realty Growth Fundamentals Summary

How do CTO Realty Growth's earnings and revenue compare to its market cap?
CTO fundamental statistics
Market CapUS$343.27m
Earnings (TTM)US$22.58m
Revenue (TTM)US$77.95m

15.2x

P/E Ratio

4.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CTO income statement (TTM)
RevenueUS$77.95m
Cost of RevenueUS$25.22m
Gross ProfitUS$52.73m
Other ExpensesUS$30.15m
EarningsUS$22.58m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 27, 2022

Earnings per share (EPS)1.23
Gross Margin67.65%
Net Profit Margin28.97%
Debt/Equity Ratio79.5%

How did CTO perform over the long term?

See historical performance and comparison

Dividends

8.1%

Current Dividend Yield

117%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is CTO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CTO?

Other financial metrics that can be useful for relative valuation.

CTO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue8.6x
Enterprise Value/EBITDA15.5x
PEG Ratio-0.7x

Price to Earnings Ratio vs Peers

How does CTO's PE Ratio compare to its peers?

CTO PE Ratio vs Peers
The above table shows the PE ratio for CTO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average11x
PINE Alpine Income Property Trust
7.9x-63.9%US$220.8m
OLP One Liberty Properties
11.9x-61.6%US$444.1m
AHH Armada Hoffler Properties
21.8x-29.1%US$917.0m
FREV.S First Real Estate Investment Trust of New Jersey
2.4xn/aUS$113.3m
CTO CTO Realty Growth
15.2x-21.4%US$343.3m

Price-To-Earnings vs Peers: CTO is expensive based on its Price-To-Earnings Ratio (15.2x) compared to the peer average (11x).


Price to Earnings Ratio vs Industry

How does CTO's PE Ratio compare vs other companies in the US REITs Industry?

Price-To-Earnings vs Industry: CTO is good value based on its Price-To-Earnings Ratio (15.2x) compared to the US REITs industry average (25.8x)


Price to Earnings Ratio vs Fair Ratio

What is CTO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CTO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.2x
Fair PE Ratio18.3x

Price-To-Earnings vs Fair Ratio: CTO is good value based on its Price-To-Earnings Ratio (15.2x) compared to the estimated Fair Price-To-Earnings Ratio (18.3x).


Share Price vs Fair Value

What is the Fair Price of CTO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CTO ($18.74) is trading below our estimate of fair value ($88.45)

Significantly Below Fair Value: CTO is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is CTO Realty Growth forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-21.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CTO's earnings are forecast to decline over the next 3 years (-21.4% per year).

Earnings vs Market: CTO's earnings are forecast to decline over the next 3 years (-21.4% per year).

High Growth Earnings: CTO's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CTO's revenue (16.2% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: CTO's revenue (16.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if CTO's Return on Equity is forecast to be high in 3 years time


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Past Performance

How has CTO Realty Growth performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


16.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CTO has a large one-off gain of $16.5M impacting its June 30 2022 financial results.

Growing Profit Margin: CTO's current net profit margins (29%) are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: CTO's earnings have grown by 16.6% per year over the past 5 years.

Accelerating Growth: CTO's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CTO had negative earnings growth (-72.5%) over the past year, making it difficult to compare to the REITs industry average (45.8%).


Return on Equity

High ROE: CTO's Return on Equity (6.3%) is considered low.


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Financial Health

How is CTO Realty Growth's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: CTO's short term assets ($66.0M) exceed its short term liabilities ($5.5M).

Long Term Liabilities: CTO's short term assets ($66.0M) do not cover its long term liabilities ($365.4M).


Debt to Equity History and Analysis

Debt Level: CTO's net debt to equity ratio (75.1%) is considered high.

Reducing Debt: CTO's debt to equity ratio has reduced from 105.9% to 79.5% over the past 5 years.

Debt Coverage: CTO's debt is not well covered by operating cash flow (9.2%).

Interest Coverage: CTO's interest payments on its debt are not well covered by EBIT (3x coverage).


Balance Sheet


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Dividend

What is CTO Realty Growth current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


8.11%

Current Dividend Yield

Dividend Yield vs Market

CTO Realty Growth Dividend Yield vs Market
How does CTO Realty Growth dividend yield compare to the market?
SegmentDividend Yield
Company (CTO Realty Growth)8.1%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (REITs)4.1%
Analyst forecast in 3 Years (CTO Realty Growth)8.6%

Notable Dividend: CTO's dividend (8.11%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: CTO's dividend (8.11%) is in the top 25% of dividend payers in the US market (4.73%)


Stability and Growth of Payments

Stable Dividend: CTO's dividend payments have been volatile in the past 10 years.

Growing Dividend: CTO's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (117.3%), CTO's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: At its current cash payout ratio (87.8%), CTO's dividend payments are covered by cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

8.0yrs

Average management tenure


CEO

John Albright (56 yo)

10.75yrs

Tenure

US$2,357,788

Compensation

Mr. John P. Albright serves as President, Chief Executive Officer and Director at Alpine Income Property Trust, Inc. since its formation in August 2019. He has served as a director of CTO since 2012 and ch...


CEO Compensation Analysis

John Albright's Compensation vs CTO Realty Growth Earnings
How has John Albright's remuneration changed compared to CTO Realty Growth's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$23m

Mar 31 2022n/an/a

US$19m

Dec 31 2021US$2mUS$565k

US$28m

Sep 30 2021n/an/a

US$107m

Jun 30 2021n/an/a

US$82m

Mar 31 2021n/an/a

US$99m

Dec 31 2020US$2mUS$565k

US$79m

Sep 30 2020n/an/a

-US$265k

Jun 30 2020n/an/a

US$3m

Mar 31 2020n/an/a

-US$1m

Dec 31 2019US$2mUS$545k

US$17m

Sep 30 2019n/an/a

US$4m

Jun 30 2019n/an/a

US$4m

Mar 31 2019n/an/a

US$9m

Dec 31 2018US$2mUS$545k

US$15m

Sep 30 2018n/an/a

US$51m

Jun 30 2018n/an/a

US$50m

Mar 31 2018n/an/a

US$39m

Dec 31 2017US$1mUS$515k

US$22m

Sep 30 2017n/an/a

US$22m

Jun 30 2017n/an/a

US$30m

Mar 31 2017n/an/a

US$28m

Dec 31 2016US$2mUS$515k

US$17m

Sep 30 2016n/an/a

US$17m

Jun 30 2016n/an/a

US$11m

Mar 31 2016n/an/a

US$9m

Dec 31 2015US$6mUS$500k

US$8m

Compensation vs Market: John's total compensation ($USD2.36M) is about average for companies of similar size in the US market ($USD2.94M).

Compensation vs Earnings: John's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: CTO's management team is seasoned and experienced (8 years average tenure).


Board Members

Experienced Board: CTO's board of directors are considered experienced (4.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: CTO insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NYSE:CTO Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
27 Sep 22BuyUS$18,807Daniel SmithIndividual1,000US$18.87
26 Sep 22BuyUS$24,596Matthew PartridgeIndividual1,300US$18.92
02 Aug 22BuyUS$26,768R. GableIndividual1,245US$21.50
13 Jun 22BuyUS$60,400George BrokawIndividual3,000US$20.13
24 Mar 22SellUS$192,465Lisa VorakounIndividual10,083US$21.17
20 Dec 21BuyUS$54,250Daniel SmithIndividual3,000US$18.08
10 Dec 21BuyUS$98,676Christopher HagaIndividual5,400US$18.27
03 Nov 21BuyUS$49,822Laura FranklinIndividual2,745US$18.15

Ownership Breakdown

What is the ownership structure of CTO?
Owner TypeNumber of SharesOwnership Percentage
Private Companies37,0830.2%
Individual Insiders2,261,94812.3%
General Public4,454,58624.3%
Institutions11,563,76163.1%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.5%.


Top Shareholders

Top 25 shareholders own 56.04% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
8.33%
BlackRock, Inc.
1,526,424$28.6m-3.21%no data
6.78%
Grace & White, Inc.
1,242,414$23.3m214.01%4.7%
6.17%
Lawrence Raiman
1,131,063$21.2m0%no data
4.64%
The Vanguard Group, Inc.
849,471$15.9m-0.83%no data
2.9%
Chilton Capital Management LLC
531,912$10.0m-2.27%0.64%
2.63%
State Street Global Advisors, Inc.
482,385$9.0m-1.47%no data
2.56%
John Albright
469,323$8.8m0%no data
2.25%
Ancora Advisors LLC
412,233$7.7m14.03%0.03%
2.03%
Brown Advisory Incorporated
371,682$7.0m-3.35%0.01%
1.91%
LSV Asset Management
349,515$6.5m43.03%0.01%
1.89%
Russell Investment Management, LLC
345,690$6.5m-25.85%0.01%
1.77%
Geode Capital Management, LLC
324,912$6.1m1.37%no data
1.56%
Miller Value Partners, LLC
285,000$5.3m46.15%0.29%
1.3%
Dimensional Fund Advisors LP
237,471$4.5m-3.66%no data
1.24%
Foundry Partners, LLC
227,790$4.3m15.34%0.27%
0.99%
Northern Trust Global Investments
181,416$3.4m-1.75%no data
0.98%
Franklin Resources, Inc.
180,153$3.4m0%no data
0.97%
Boothbay Fund Management, LLC
177,462$3.3m4.97%0.13%
0.93%
BNY Mellon Asset Management
170,838$3.2m-5.33%no data
0.8%
DePrince, Race & Zollo, Inc.
146,211$2.7m-13.57%0.07%
0.74%
Daniel Smith
135,101$2.5m8.9%no data
0.7%
Dean Investment Associates, LLC
129,117$2.4m-7.67%0.49%
0.68%
PGIM, Inc.
123,783$2.3m-12.7%no data
0.64%
Kennedy Capital Management, Inc.
117,186$2.2m-0.96%0.06%
0.63%
Jacobs Levy Equity Management Inc
116,256$2.2m1.05%0.02%

Company Information

CTO Realty Growth, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: CTO Realty Growth, Inc.
  • Ticker: CTO
  • Exchange: NYSE
  • Founded: 1902
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Implied Market Cap: US$343.268m
  • Shares outstanding: 18.32m
  • Website: https://ctorealtygrowth.com

Number of Employees


Location

  • CTO Realty Growth, Inc.
  • 1140 North Williamson Boulevard
  • Suite 140
  • Daytona Beach
  • Florida
  • 32114
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CTONYSE (New York Stock Exchange)YesCommon StockUSUSDDec 1972
CTO.PRANYSE (New York Stock Exchange)6.375% SER A PFDUSUSDJun 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.