Christopher W. Haga, a director at CTO Realty Growth, Inc. (NYSE:CTO), has recently sold a total of $57,572 worth of company stock, according to the latest SEC filings. The transactions, which occurred on August 29, 2024, involved the sale of common stock at prices ranging from $19.185 to $19.195 per share.
The disclosed sales are part of a series of transactions by Haga, who serves as a director of the real estate investment trust. On the reported date, Haga sold 1,000 shares at $19.195 each, 500 shares at $19.185, and a further 1,500 shares at $19.19. Following these transactions, Haga still indirectly holds 3,000 shares as UGTMA custodian for his son and 44,988 shares directly.
The sales by Haga come as part of his stock trading activities, which are routinely disclosed through SEC Form 4 filings. These filings provide investors with insights into the buying and selling behaviors of a company's insiders, which can sometimes be indicative of the company's financial health and future prospects.
CTO Realty Growth, Inc., headquartered in Winter Park, Florida, operates as a real estate investment trust, with a portfolio that includes land and commercial properties. The company has been a part of the real estate sector under various names, with a history dating back to its former name, Consolidated Tomoka Land Co.
Investors often monitor insider transactions as they can provide valuable context to the company's internal perspective on its stock's value. However, it is important to note that there can be many reasons for insiders to sell shares, and such transactions do not always necessarily reflect a negative outlook on the company.
For more detailed information, investors are encouraged to review the full SEC Form 4 filings.
In other recent news, CTO Realty Growth, a real estate investment trust, has initiated an at-the-market offering program. The company plans to periodically sell shares of its 6.37% Series A Cumulative Redeemable Preferred Stock, intending to raise up to $24.5 million. Sales agents, including BMO Capital Markets Corp. and B. Riley Securities, Inc., will carry out the sales on the New York Stock Exchange, among other methods, at market prices or negotiated prices close to market rates.
In addition to this, CTO Realty Growth demonstrated a strong performance in the second quarter of 2024, marked by significant leasing activity and promising investment prospects. The company signed new leases, renewals, and extensions totaling 79,000 square feet at an average rate of $25.87 per square foot. The physical occupancy rate stood at 92.6% and leased occupancy at 94.6%.
CTO Realty Growth has revised its investment outlook for 2024 to between $200 million and $250 million and has increased its core FFO guidance by 12% and AFFO by 11%. The company is also in negotiations for additional leases in Atlanta and Plano and has a property under a sales contract in Utah. These are the recent developments that have taken place in the company.
InvestingPro Insights
As investors process the recent insider transactions at CTO Realty Growth, Inc., a glance at the company's financial health through InvestingPro's real-time data offers a broader perspective on its current valuation and performance. As of the last twelve months leading up to Q2 2024, CTO Realty Growth's market capitalization stands at a modest $440.67 million, reflecting the size of the company within the real estate investment trust market.
Moreover, CTO's price-to-earnings (P/E) ratio is currently at 37.76, which may catch the eye of value investors, especially when considering the company's low PEG ratio of 0.16 during the same period, suggesting potential for earnings growth relative to its share price. Additionally, the company’s dividend yield is quite attractive at 7.99%, a testament to its commitment to returning value to shareholders, having maintained dividend payments for 49 consecutive years.
InvestingPro Tips highlight that CTO is trading at a low P/E ratio relative to near-term earnings growth, which could be a signal for investors looking for growth opportunities at reasonable valuations. Another tip to consider is the company's solid history of dividend payments, which aligns with the high dividend yield data. For those interested in a deeper analysis, InvestingPro offers a wealth of additional tips to help investors make informed decisions, including insights on profitability and liquidity.
For a more comprehensive understanding of CTO Realty Growth's financial outlook and to explore the full list of tips, interested investors can visit https://www.investing.com/pro/CTO, which currently features several more InvestingPro Tips to guide investment strategies.
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