Raymond James Boosts CTO Realty Growth to Strong Buy Amidst Slight Revenue Decline
On October 30, 2024, Raymond James has upgraded their rating for CTO Realty Growth (NYSE:CTO) from Outperform to Strong Buy.
Analyst Price Forecast Indicates Potential Growth
As of October 22, 2024, analysts project an average one-year price target of $21.76 per share for CTO Realty Growth. The estimates vary, with a low of $19.19 and a high of $23.62. This average target suggests an 11.48% increase from its most recent closing price of $19.52 per share.
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Projected Financials Show Revenue Decline
The projected annual revenue for CTO Realty Growth stands at $101 million, marking a decrease of 15.12%. Additionally, the expected annual non-GAAP EPS is $0.74.
Fund Sentiment Shifts Positively
In total, 291 funds or institutions report holdings in CTO Realty Growth, which is an increase of 21 or 7.78% from the last quarter. The average portfolio weight committed to CTO among these funds is 0.18%, up by 5.92%. Over the past three months, institutional ownership rose by 0.08%, bringing the total shares owned to 16,911,000. The current put/call ratio of 0.85 indicates a generally bullish sentiment towards the stock.
Heitman Real Estate Securities now owns 784,000 shares, which corresponds to 2.61% ownership. This reflects a decrease from their previous holding of 902,000 shares, a change of 15.09%. They also cut their allocation in CTO by 0.56% last quarter.
The Vanguard Total Stock Market Index Fund Investor Shares increased their holdings to 683,000 shares, representing 2.28% ownership, up from 634,000 shares, a rise of 7.17%. Their allocation in CTO grew by 7.91% compared to the previous quarter.
Grace & White reports owning 582,000 shares, equating to 1.94% ownership, down from 604,000 shares, a decrease of 3.85%. However, they increased their allocation by 0.88% over the last quarter.
Geode Capital Management owns 522,000 shares, representing 1.74% ownership, increasing from 498,000 shares, an increase of 4.61%. Yet, they reduced their allocation in CTO by 46.49% over the last quarter.
The iShares Russell 2000 ETF holds 509,000 shares, making up 1.70% ownership, down from 535,000 shares, a decrease of 5.21%, even as they boosted their allocation by 6.83% last quarter.
Overview of CTO Realty Growth
(This description is provided by the company.) CTO Realty Growth, Inc. is a diversified real estate investment trust (REIT) that manages a portfolio of income-producing properties totaling approximately 2.8 million square feet across the United States. Additionally, CTO holds about a 23.5% interest in Alpine Income Property Trust, Inc., another publicly traded REIT focused on net leases.
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This summary originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.