MQS Management LLC Invests $541,000 in CareTrust REIT, Inc. (NASDAQ:CTRE)

MQS Management LLC purchased a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,561 shares of the real estate investment trust’s stock, valued at approximately $541,000.

Other hedge funds have also recently bought and sold shares of the company. United Services Automobile Association boosted its stake in shares of CareTrust REIT by 5.0% during the 2nd quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust’s stock valued at $282,000 after buying an additional 540 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of CareTrust REIT by 4.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,946 shares of the real estate investment trust’s stock valued at $559,000 after acquiring an additional 895 shares in the last quarter. GAMMA Investing LLC lifted its stake in CareTrust REIT by 187.7% during the second quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 1,143 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in CareTrust REIT by 13.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,366 shares of the real estate investment trust’s stock worth $254,000 after purchasing an additional 1,190 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in shares of CareTrust REIT during the second quarter worth $34,000. Institutional investors and hedge funds own 87.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CTRE shares. Royal Bank of Canada lifted their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Wedbush initiated coverage on shares of CareTrust REIT in a research report on Wednesday, May 29th. They set a “neutral” rating and a $26.00 price target on the stock. Wells Fargo & Company upped their price target on shares of CareTrust REIT from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research note on Monday, July 1st. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.67.

Insider Buying and Selling

In other news, CFO William M. Wagner sold 35,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total value of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.75% of the company’s stock.

CareTrust REIT Stock Performance

Shares of CTRE opened at $30.93 on Thursday. CareTrust REIT, Inc. has a one year low of $19.79 and a one year high of $31.51. The company has a 50-day moving average of $28.33 and a two-hundred day moving average of $25.93. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 59.48 and a beta of 1.10.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.29). CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. The firm had revenue of $68.89 million during the quarter, compared to analyst estimates of $66.36 million. During the same period in the prior year, the business posted $0.35 EPS. On average, equities research analysts expect that CareTrust REIT, Inc. will post 1.48 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.75%. The ex-dividend date is Monday, September 30th. CareTrust REIT’s dividend payout ratio is currently 223.08%.

CareTrust REIT Profile

CareTrust REIT, Inc’s (CareTrust REIT or the Company) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2024, the Company owned directly or through a joint venture and leased to independent operators, 228 skilled nursing facilities (SNFs), multi-service campuses, assisted living facilities (ALFs) and independent living facilities (ILFs) consisting of 24,189 operational beds and units located in 29 states with the highest concentration of properties by rental income located in California and Texas.