Consolidated-Tomoka Land Co Receives a Buy from B.Riley FBR

By Jason Carr

B.Riley FBR analyst David Corak assigned a Buy rating to Consolidated-Tomoka Land Co (NYSE MKT: CTO) today and set a price target of $80. The company’s shares opened today at $56.98.

Corak commented:

“CTO (Buy, $80.00 PT) announced that it has appointed Christopher W. Haga to the company’s board of directors. Mr. Haga is a partner with Carlson Capital L.P ., an alternative asset management firm based in Dallas, TX. Carlson currently manages over $8.5 billion in assets, including hedge funds, separately managed accounts, and collateralized loan obligations, and through funds it manages, has been a long-term shareholder of CTO (roughly 3.2% ownership). Mr. Haga has over 25 years of experience in finance and investments, including fifteen years of managing risk in traded credit and private debt and equity. Mr. Haga has served, and continues to serve, on a number of public and private company boards, including as chairman of the board this is a net positive for the company given Carlson’s reputation as prudent and experienced of directors for Barbican Group Holdings Limited, a Lloyd’s-based reinsurance group.”

According to, Corak is a 3-star analyst with an average return of 2.4% and a 51.1% success rate. Corak covers the Financial sector, focusing on stocks such as National Storage Affiliates Trust, Preferred Apartment Communities, and NorthStar Realty Europe Corp.

Consolidated-Tomoka Land Co has an analyst consensus of Moderate Buy, with a price target consensus of $80.

Consolidated-Tomoka Land Co’s market cap is currently $314.1M and has a P/E ratio of 14.06. The company has a book value ratio of 1.9690.

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Consolidated Tomoka Land Co. is a diversified real estate operating company. The company operates in four business segments: income properties, commercial loan investments, real estate operations, and golf operations. The Commercial loan Investments segment consists of one loan collateralized by a hotel property in Atlanta, Georgia.