Flashy Stocks: Consolidated-Tomoka Land Co. (NYSE: CTO)

On Wednesday, Consolidated-Tomoka Land Co. (NYSE: CTO) remained among the day gainers and traded with change of 0.44% on volume of 12,395 shares in the last session as compared to average volume of 17873 shares. During last trade its minimum price was $63.4 and it gained highest price of $64.08. CTO has total market capitalization of $315786249. Its closing value stands at $64.08.

Consolidated-Tomoka Land Co. (American: CTO) recently reported its operating results and earnings for the quarter and nine months ended September 30, 2019.


Land Holdings

As reported earlier recently, the Company closed on the sale of a controlling interest in a wholly-owned entity that holds the Company’s remaining land portfolio of about 5,300 acres (the “Land Venture”), including the land parcels the Company presently has under contract, to certain funds managed by Magnetar Capital (“Magnetar”) for total proceeds to the Company of about $97.0M (the “Land Transaction”). The Company may, in the future, receive additional proceeds from the Land Venture in the form of distributions under certain circumstances, based upon the timing and amount realized when the land is ultimately sold by the Land Venture. There can be no assurance as to the likelihood or receiving such distributions, or the amount or timing thereof.

As a result of the Land Venture the Company has not provided an update of the land transaction pipeline in this earnings release.

Income Property Portfolio

In four separate transactions, purchased 4 single-tenant net lease retail properties for a total investment of about $49.5M, reflecting a weighted average investment cap rate of about 6.32%. The four properties had a weighted average lease term of about 36.7 years.

Sold a 1.56-acre outparcel subject to a ground lease with Wawa, located in Winter Park, Florida, for a sales price of about $2.8M for a gain of about $2.1M, or $0.33 per share, after tax.

Commercial Loan Investment Portfolio

Originated a leasehold mortgage loan on the Carpenter Hotel totaling about $8.25M with an interest rate of about 11.5%.

The volatility in the previous week has experienced by 2.11% and observed of 2.21% in the previous month.74.50% ownership is held by institutional investors while insiders hold ownership of 3.50%. The P/E ratio was recorded at 10.91.

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