Public Sector Pension Investment Board Has $7.85 Million Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Public Sector Pension Investment Board increased its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 16.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 312,616 shares of the real estate investment trust’s stock after buying an additional 45,127 shares during the period. Public Sector Pension Investment Board owned 0.22% of CareTrust REIT worth $7,847,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of CareTrust REIT by 13.3% during the first quarter. Vanguard Group Inc. now owns 20,267,738 shares of the real estate investment trust’s stock worth $493,925,000 after purchasing an additional 2,376,832 shares in the last quarter. Centersquare Investment Management LLC raised its position in CareTrust REIT by 1.6% in the 1st quarter. Centersquare Investment Management LLC now owns 2,869,111 shares of the real estate investment trust’s stock worth $70,924,000 after purchasing an additional 45,733 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in CareTrust REIT by 15.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust’s stock worth $51,626,000 after buying an additional 281,120 shares in the last quarter. Zimmer Partners LP bought a new position in CareTrust REIT in the 1st quarter valued at $41,763,000. Finally, GRS Advisors LLC acquired a new stake in shares of CareTrust REIT in the 4th quarter valued at $31,656,000. Institutional investors own 87.77% of the company’s stock.

Insider Activity

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the sale, the chief financial officer now directly 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 accessible through this link. 1.75% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CTRE has been the topic of several research reports. Wedbush assumed coverage on CareTrust REIT in a research note on Wednesday, May 29th. They set a “neutral” rating and a $26.00 price target on the stock. Wells Fargo & Company raised their target price on shares of CareTrust REIT from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, May 30th. Royal Bank of Canada boosted their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. 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 analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, CareTrust REIT presently has a consensus rating of “Hold” and an average price target of $27.40.

CareTrust REIT Stock Performance

Shares of CTRE stock opened at $30.87 on Wednesday. The stock has a market cap of $4.39 billion, a PE ratio of 59.37 and a beta of 1.10. The stock has a 50-day moving average of $28.67 and a 200-day moving average of $26.15. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37. CareTrust REIT, Inc. has a one year low of $19.87 and a one year high of $31.51.

CareTrust REIT (NASDAQ:CTRE) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.29). The firm had revenue of $68.89 million during the quarter, compared to analyst estimates of $66.36 million. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same quarter last year, the business posted $0.35 earnings per share. As a group, sell-side analysts expect that CareTrust REIT, Inc. will post 1.48 earnings per share for the current year.

CareTrust REIT Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend is Monday, September 30th. CareTrust REIT’s dividend payout ratio is currently 223.08%.

About CareTrust REIT

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.