Stock Buyback Plan Authorized by Consolidated-Tomoka Land (NYSEAMERICAN:CTO)

Stock Buyback Plan Authorized by Consolidated-Tomoka Land (NYSEAMERICAN:CTO) 1024 181 C-Suite Network

Consolidated-Tomoka Land (NYSEAMERICAN:CTO) declared that its board has authorized a share repurchase plan, which allows the company to repurchase $8.00 million in shares on Thursday, November 20th, EventVestor reports. This repurchase authorization allows the financial services provider to purchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Shares of Consolidated-Tomoka Land (CTO) opened at $60.16 on Friday. Consolidated-Tomoka Land has a one year low of $49.73 and a one year high of $61.70.

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Consolidated-Tomoka Land (NYSEAMERICAN:CTO) last issued its earnings results on Wednesday, October 18th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.04). The company had revenue of $12.38 million for the quarter, compared to analysts’ expectations of $15.03 million. Consolidated-Tomoka Land had a net margin of 7.81% and a return on equity of 2.43%.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Friday, November 10th will be issued a $0.05 dividend….