CTO Realty Growth, Inc., a significant shareholder in Alpine Income Property Trust, Inc. (NYSE:PINE), has recently acquired additional shares in the company, investing over $130,000. The transactions, which took place on June 13 and June 14, 2024, were part of a pre-arranged trading plan.
The first transaction on June 13 saw the purchase of 830 shares at a weighted-average price of $14.9866, with prices ranging from $14.97 to $15.00. The following day, CTO Realty Growth acquired a larger sum of 7,900 shares at an average price of $14.9184, with individual transactions occurring between $14.80 and $15.00.
These purchases have increased CTO Realty Growth's direct holdings in Alpine Income Property Trust, with the company now owning 182,135 shares. It is worth noting that the shares are owned directly by CTO TRS Crisp39 LLC, a wholly-owned subsidiary of CTO Realty Growth, which is considered an indirect beneficial owner of the reported securities.
The transactions were conducted under a Rule 10b5-1 trading plan, which was adopted on February 28, 2023. Such plans allow company insiders to set up a predetermined schedule for buying and selling securities to avoid accusations of insider trading.
CTO Realty Growth's investment in Alpine Income Property Trust reflects continued confidence in the real estate investment trust's performance and prospects. Investors will be watching closely to see how this increased stake by a major shareholder will influence the company's future.
In other recent news, Alpine Income Property Trust has been the focus of several key developments. The company reported a robust first-quarter performance for 2024, with a 13.9% increase in Funds from Operations (FFO) per share, achieving $0.41 per share. The company's investment portfolio also saw changes with the sale of a $13.6 million A-1 participation interest in a $23.4 million loan investment.
Stifel, a financial services company, has retained a Buy rating on Alpine Income Property Trust's stock, although it adjusted the price target to $18.00 from $18.75. This adjustment followed a review of the company's loan investment portfolio, which now stands at approximately $9.8 million. The company's net-debt plus preferred to EBITDA ratio was reported at 7.4 times, with ongoing loan repayments expected to reduce the company's leverage.
Alpine Income Property Trust also distributes a quarterly dividend of $0.275 per share, totaling an annualized dividend of $1.10, providing a yield of 7.0%. Stifel revised its AFFO estimates for the company, lowering the 2024 forecast to $1.61 from $1.64, and the 2025 estimate to $1.58 from $1.63, while maintaining the 2026 estimate at $1.58. These are among the recent developments for Alpine Income Property Trust.
InvestingPro Insights
CTO Realty Growth's recent acquisitions in Alpine Income Property Trust (NYSE:PINE) underscore a strategic confidence in the company's prospects. The transactions coincide with notable activities and metrics that investors may find worth considering. Alpine Income Property Trust has a current market capitalization of approximately $228.65 million, which provides a sense of the company's size in the market landscape.
One of the noteworthy InvestingPro Tips is that management has been actively repurchasing shares, a move that often signals leadership's belief in the company's undervaluation or a commitment to enhancing shareholder value. Additionally, Alpine Income Property Trust has raised its dividend for five consecutive years, which is a positive indicator for those interested in steady income streams, marked by a current dividend yield of 7.15%.
From a financial standpoint, the InvestingPro Data shows a gross profit margin of 84.3% for the last twelve months as of Q1 2024, reflecting a strong ability to retain earnings after the cost of goods sold. However, investors should be aware of the company's negative earnings per share (EPS) of -0.05 USD during the same period, which may raise concerns about profitability in the near term.
For more comprehensive analysis and additional InvestingPro Tips, such as insights into the company's EBIT valuation multiple and analysts' revised earnings expectations, interested parties can visit https://www.investing.com/pro/PINE. There are currently 8 additional tips listed in InvestingPro that could provide deeper understanding of Alpine Income Property Trust's financial health and future outlook.
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