CTO Realty Growth, Inc., a significant shareholder in Alpine Income Property Trust, Inc. (NYSE:PINE), has expanded its holdings in the company through a recent stock purchase. The transaction involved acquiring 7,959 shares at an average price of $14.9693 per share, totaling approximately $119,140.
The purchase was conducted under a pre-arranged Rule 10b5-1 trading plan, which was adopted by CTO Realty Growth on February 28, 2023. This plan allows companies and insiders to buy or sell shares at predetermined times to avoid accusations of insider trading. According to the SEC filing, the shares were bought in multiple transactions with prices ranging from $14.89 to $15.00.
Following the acquisition, CTO Realty Growth's indirect subsidiary, CTO TRS Crisp39 LLC, now directly owns 190,094 shares of Alpine Income Property Trust. Additionally, CTO Realty Growth, Inc. holds an indirect beneficial ownership of 935,703 shares, as per the latest SEC filing.
This strategic purchase by CTO Realty Growth, Inc. demonstrates its ongoing commitment to its investment in Alpine Income Property Trust, Inc., which is known for its portfolio of high-quality single-tenant commercial properties. The transaction details, including the range of prices for the shares bought, can be provided upon request to the issuer, any security holder, or the SEC staff.
The filing was signed by Daniel E. Smith, Senior Vice President, General Counsel & Corporate Secretary of CTO Realty Growth, Inc., underscoring the official nature of the transaction.
In other recent news, Alpine Income Property Trust reported a 13.9% increase in Funds from Operations (FFO) per share for the first quarter of 2024, achieving $0.41 per share. The company also distributed a quarterly dividend of $0.275 per share, totaling an annualized dividend of $1.10, which corresponds to a 69.8% payout ratio of the company's forecasted adjusted funds from operations (AFFO) for 2025. Stifel has adjusted the price target for Alpine Income Property Trust to $18.00 and retained a Buy rating on the stock. The firm has also revised its AFFO estimates for the company, lowering the 2024 forecast to $1.61 from $1.64, and the 2025 estimate to $1.58 from $1.63, while maintaining the 2026 estimate at $1.58.
In addition, Alpine Income Property Trust recently sold a $13.6 million participation interest in a $23.4 million loan investment. The company's investment in the loan now stands at approximately $9.8 million, with an increased interest rate of 9.94%. These are part of the recent developments that also include the company's ongoing loan repayments expected to reduce its leverage. The company's net debt plus preferred equity to enterprise value (EV) currently stands at 51.9%, higher than the average of 36.3% for its peer group. These developments reflect the company's broader strategy to manage its investment portfolio and maintain financial flexibility.
InvestingPro Insights
In light of CTO Realty Growth, Inc.'s increased stake in Alpine Income Property Trust, Inc. (NYSE:PINE), it's beneficial to consider the current financial health and market performance of PINE. Based on recent data from InvestingPro, Alpine Income Property Trust has a market capitalization of $229.98 million, indicating its size within the industry. Despite a challenging P/E ratio of -312.86, reflecting investor skepticism about future earnings, the company has demonstrated a commitment to shareholder returns. This is evidenced by a dividend yield of 7.07%, which is notably high and has been consistently raised for five consecutive years, as per InvestingPro Tips.
Another key metric for investors is the company's liquidity position. Alpine Income Property Trust's liquid assets exceed its short-term obligations, suggesting financial stability in meeting its immediate liabilities. However, it's important to note that analysts have revised their earnings expectations downwards for the upcoming period and do not anticipate the company will be profitable this year. Additionally, the company is trading at a high EBIT valuation multiple, signaling that the market may be assigning a premium to its earnings before interest and taxes.
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