Christopher W. Haga, a director at CTO Realty Growth, Inc. (NYSE:CTO), has sold a portion of his holdings in the company, according to recent filings. The transactions, which took place on September 9, 2024, involved the sale of 3,000 shares of common stock at prices ranging from $19.45 to $19.455 per share, totaling approximately $58,361.
The sales have adjusted Haga's direct and indirect holdings in the real estate investment trust. Following the transactions, it was reported that Haga now directly owns 44,988 shares of CTO Realty Growth, Inc. The shares sold were held indirectly by Haga as UGTMA custodian for his son, which after the sale, left the custodial account with no remaining shares in the company.
CTO Realty Growth, Inc., with its headquarters in Winter Park, Florida, operates as a real estate investment trust, focusing on income-producing properties. The company's stock trades on the New York Stock Exchange under the ticker symbol CTO.
The recent filings provide current and potential investors with insight into the trading activities of the company's directors, which can be a significant factor in investment decisions. The transactions are part of the routine disclosures required by company insiders and provide transparency into the actions that directors and other executives are taking with their personal holdings in the company.
In other recent news, CTO Realty Growth has launched a preferred stock offering with the aim to raise up to $24.5 million. The offering includes shares of its 6.37% Series A Cumulative Redeemable Preferred Stock, sold through various sales agents such as BMO Capital Markets Corp. and B. Riley Securities, Inc. The company has not yet specified the exact use of the proceeds from this offering.
In addition to this, CTO Realty Growth reported a strong performance in the second quarter of 2024, marked by significant leasing activity. The company signed new leases, renewals, and extensions totaling 79,000 square feet at an average rate of $25.87 per square foot, primarily in Atlanta and Richmond, resulting in a healthy physical occupancy rate of 92.6% and leased occupancy of 94.6%.
CTO Realty Growth has also revised its investment outlook for 2024 to between $200 million and $250 million. The company increased its core FFO guidance by 12% and AFFO by 11%, indicating confidence in its future growth. Further, the company is currently negotiating additional leases in Atlanta and Plano and has a property under a sales contract in Utah. These are recent developments in the company's ongoing operations.
InvestingPro Insights
As investors digest the recent insider trading activity at CTO Realty Growth, Inc., it's worth noting some key metrics and insights provided by InvestingPro. The company, which specializes in income-producing properties, has a market capitalization of approximately $440.9 million. This valuation comes alongside a notable P/E ratio of 38.02, pointing to how the market currently values its earnings.
CTO Realty Growth has shown an impressive gross profit margin of 73.17% over the last twelve months as of Q2 2024, reflecting the company's efficiency in managing its cost of goods sold relative to its revenue, which stands at $115.33 million with a growth rate of 19.62% during the same period. This financial health is further underscored by the company's significant dividend yield of 7.19%, a testament to its commitment to returning value to shareholders, as evidenced by maintaining dividend payments for 49 consecutive years—an InvestingPro Tip that highlights the company's stable income-generating capability.
Investors tracking performance metrics will note that CTO's stock has experienced a strong return over the last three months, with a 21.69% price total return. This surge is part of a larger trend, with a six-month price total return of 29.35%, reflecting robust investor confidence and market performance. For those considering the timing of their investments, it's also worth mentioning that the next earnings date is slated for October 24, 2024, which could present new data to inform investment strategies.
For additional insights into CTO Realty Growth's performance and investment potential, including tips on shareholder yield and liquidity, investors can explore the 11 additional InvestingPro Tips available at https://www.investing.com/pro/CTO.
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