Consolidated-Tomoka Land Co. Buyback
OLI recorded this information on 4/13/2017
Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the "Company") today announced that it has completed the $10 million share repurchase program announced in December 2015 (the "Completed Repurchase Program"), as a result of repurchasing approximately $2.6 million of its common stock in the last 60 days. In total, under the Completed Repurchase Program, the Company repurchased 201,430 shares at an average price of $49.80 per share. The Company also announced that under its new $10 million share repurchase program (the "New Repurchase Program"), authorized by the CTO Board of Directors (the "Board") and announced in March of this year, the Company repurchased 18,972 shares through April 7, 2017, for approximately $1.01 million, or an average price per share of $53.36.
CTO Realty Growth is a real estate operating company. Co.'s business included the following: Management Services, which is a management business that is engaged in managing Alpine Income Property Trust, Inc. and the entity that holds the undeveloped land in Daytona Beach, FL (Land JV); Commercial Loan Investments, which include a portfolio of one commercial loan investment and two commercial properties; and Real Estate Operations, which include a portfolio of mineral interests and a portfolio of mitigation credits, a retained interest in the Land JV that is seeking to sell an undeveloped land, and an interest in a joint venture that is engaged in the operation of a mitigation bank.
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Strong Buy (3.50 out of 4)