John P. Albright, President and CEO of CTO Realty Growth, Inc. (NYSE:CTO), recently sold 29,488 shares of common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $20.706, generating a total of $610,578. Following this transaction, Albright holds 570,554 shares directly. Additionally, he has an indirect ownership of 355 shares through a rollover IRA in the name of Shanna E. Albright. The sale occurred on November 11, 2024, with shares sold in multiple transactions at prices ranging from $20.640 to $20.860.
In other recent news, CTO Realty has been making significant strides. Raymond (NS:RYMD) James recently elevated the company's stock from an Outperform rating to a Strong Buy, increasing the price target from $22.00 to $24.00. This upgrade follows a period of notable growth for CTO Realty, with the firm exceeding expectations in its recent quarterly results, leading to a substantial rise in the company's market capitalization.
CTO Realty's third-quarter performance was driven by significant investments, leasing activity, and strategic acquisitions, including major acquisitions in North Carolina and Florida. The company's core Funds From Operations (FFO) per diluted share increased to $0.50, while Adjusted Funds From Operations (AFFO) per share rose to $0.51. The full-year 2024 guidance for core FFO is now $1.83-$1.87 per share, and AFFO is projected to be $1.96-$2.00 per share.
In addition, CTO Realty is targeting an additional $25 million to $75 million in acquisitions by year-end. The company also revealed plans for a structured investment portfolio expansion, which includes a $43.8 million first mortgage loan and a $10 million preferred equity investment. These recent developments indicate a positive outlook for CTO Realty as it continues to navigate the dynamic real estate market.
InvestingPro Insights
As John P. Albright reduces his stake in CTO Realty Growth, Inc. (NYSE:CTO), investors may find additional context in the company's current financial metrics and market position. According to InvestingPro data, CTO boasts a market capitalization of $619.01 million and a notable dividend yield of 7.36% as of the latest available data. This high yield aligns with an InvestingPro Tip indicating that CTO "pays a significant dividend to shareholders," which may be of interest to income-focused investors.
The company's stock has shown strong performance, with a 37.53% total return over the past year and is currently trading near its 52-week high, at 97.64% of that peak. This upward momentum is reflected in another InvestingPro Tip, which notes that the stock is "trading near 52-week high."
However, investors should also consider that CTO is "trading at a high earnings multiple," with a P/E ratio of 33.98 and an adjusted P/E ratio of 110.29 for the last twelve months as of Q3 2024. This valuation metric suggests that the stock may be priced at a premium relative to its earnings.
For those interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for CTO Realty Growth, providing a deeper dive into the company's financial health and market position. These insights can be particularly valuable when assessing the implications of insider transactions such as Albright's recent stock sale.
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