Algert Global LLC Makes New $341,000 Investment in CareTrust REIT, Inc. (NASDAQ:CTRE)

Algert Global LLC purchased a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) in the second quarter, according to its most recent filing with the SEC. The firm purchased 13,588 shares of the real estate investment trust’s stock, valued at approximately $341,000.

Several other institutional investors have also modified their holdings of CTRE. Susquehanna Fundamental Investments LLC grew its holdings in CareTrust REIT by 27.1% in the second quarter. Susquehanna Fundamental Investments LLC now owns 247,068 shares of the real estate investment trust’s stock valued at $6,201,000 after purchasing an additional 52,610 shares during the last quarter. Lighthouse Investment Partners LLC boosted its position in shares of CareTrust REIT by 34.3% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 470,000 shares of the real estate investment trust’s stock worth $11,797,000 after buying an additional 120,000 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in CareTrust REIT in the 2nd quarter valued at about $454,000. The Manufacturers Life Insurance Company increased its holdings in CareTrust REIT by 25.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 75,955 shares of the real estate investment trust’s stock valued at $1,906,000 after acquiring an additional 15,606 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C acquired a new position in CareTrust REIT during the second quarter worth about $660,000. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CTRE. Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. KeyCorp raised their price target on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday. Royal Bank of Canada upped their price objective on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft lifted their price objective on CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a research report on Monday, July 1st. Finally, BMO Capital Markets raised their price target on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

CareTrust REIT Stock Down 0.5 %

Shares of NASDAQ:CTRE opened at $30.33 on Wednesday. The company has a current ratio of 13.37, a quick ratio of 13.37 and a debt-to-equity ratio of 0.34. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 58.33 and a beta of 1.10. The stock’s 50-day moving average price is $29.45 and its two-hundred day moving average price is $26.63. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $31.51.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.29). CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. The company 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 earnings per share. On average, research analysts forecast that CareTrust REIT, Inc. will post 1.48 EPS for the current year.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.29 per share. The ex-dividend date is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.82%. CareTrust REIT’s payout ratio is 223.08%.

Insider Buying and Selling

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the completion of the sale, the chief financial officer now owns 257,439 shares of the company’s stock, valued at approximately $7,671,682.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.75% of the company’s stock.

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.