Consolidated-Tomoka Land Co. (CTO) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Consolidated-Tomoka Land Co. (NYSE:CTO) from a buy rating to a hold rating in a research report report published on Friday.

According to Zacks, “Consolidated-Tomoka Land Co. is primarily engaged in the real estate industry through its wholly owned subsidiaries. Real estate operations include commercial real estate, real estate development, residential and golf operations, property leasing, leasing properties for oil and mineral exploration and the sale of forest products. “

Separately, FBR & Co set a $80.00 target price on shares of Consolidated-Tomoka Land and gave the company a buy rating in a report on Tuesday, October 31st.

Consolidated-Tomoka Land (NYSE CTO) opened at $57.27 on Friday. Consolidated-Tomoka Land has a fifty-two week low of $49.73 and a fifty-two week high of $61.70.

Consolidated-Tomoka Land (NYSE:CTO) last posted its earnings results on Wednesday, October 18th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.04). The firm had revenue of $12.38 million during the quarter, compared to analyst estimates of $15.03 million. Consolidated-Tomoka Land had a net margin of 7.81% and a return on equity of 2.43%.

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The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Friday, November 10th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $0.20 annualized dividend and a yield of 0.35%.

In other news, CFO Mark E. Patten sold 2,640 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $54.88, for a total value of $144,883.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Several institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its stake in shares of Consolidated-Tomoka Land by 4.5% in the 3rd quarter. Wells Fargo & Company MN now owns 56,699 shares of the company’s stock valued at $3,406,000 after acquiring an additional 2,434 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Consolidated-Tomoka Land by 80.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,021 shares of the company’s stock valued at $121,000 after acquiring an additional 900 shares during the period. Investment Management of Virginia LLC purchased a new stake in shares of Consolidated-Tomoka Land in the 3rd quarter valued at approximately $598,000. Chicago Equity Partners LLC raised its stake in shares of Consolidated-Tomoka Land by 16.3% in the 3rd quarter. Chicago Equity Partners LLC now owns 12,540 shares of the company’s stock valued at $753,000 after acquiring an additional 1,760 shares during the period. Finally, First Quadrant L P CA raised its stake in shares of Consolidated-Tomoka Land by 45.1% in the 3rd quarter. First Quadrant L P CA now owns 4,917 shares of the company’s stock valued at $295,000 after acquiring an additional 1,529 shares during the period.

Consolidated-Tomoka Land Company Profile

Consolidated-Tomoka Land Co is a real estate operating company. As of December 31, 2016, the Company owned and managed 31 commercial real estate properties in 10 states in the United States. Its segments include Income Properties, Commercial Loan Investments, Real Estate Operations, Golf Operations, and Agriculture and Other.

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