Azzad Asset Management Inc. ADV Makes New Investment in CareTrust REIT, Inc. (NASDAQ:CTRE)

Azzad Asset Management Inc. ADV bought a new position in CareTrust REIT, Inc. (NASDAQ:CTRE) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 22,547 shares of the real estate investment trust’s stock, valued at approximately $696,000.

A number of other hedge funds have also bought and sold shares of CTRE. Dean Capital Management raised its position in CareTrust REIT by 10.4% in the 4th quarter. Dean Capital Management now owns 36,812 shares of the real estate investment trust’s stock worth $824,000 after buying an additional 3,476 shares during the last quarter. Heitman Real Estate Securities LLC increased its position in shares of CareTrust REIT by 32.8% during the 4th quarter. Heitman Real Estate Securities LLC now owns 775,490 shares of the real estate investment trust’s stock valued at $17,355,000 after purchasing an additional 191,456 shares during the last quarter. GRS Advisors LLC purchased a new stake in shares of CareTrust REIT during the 4th quarter valued at about $31,656,000. Neo Ivy Capital Management purchased a new stake in shares of CareTrust REIT during the 4th quarter valued at about $238,000. Finally, SageView Advisory Group LLC increased its position in shares of CareTrust REIT by 25.5% during the 4th quarter. SageView Advisory Group LLC now owns 16,064 shares of the real estate investment trust’s stock valued at $342,000 after purchasing an additional 3,259 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Stock Down 0.5 %

NASDAQ CTRE opened at $30.33 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 13.37 and a current ratio of 13.37. The company has a market capitalization of $4.31 billion, a P/E ratio of 58.33 and a beta of 1.10. CareTrust REIT, Inc. has a one year low of $20.10 and a one year high of $31.51. The stock has a 50 day moving average price of $29.45 and a 200-day moving average price of $26.63.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly 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). CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. The company had revenue of $68.89 million for the quarter, compared to analysts’ expectations of $66.36 million. During the same quarter in the previous year, the company posted $0.35 EPS. As a group, equities analysts predict that CareTrust REIT, Inc. will post 1.48 EPS for the current fiscal year.

CareTrust REIT Announces Dividend

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

Insider Activity at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction on 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 sale, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.75% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

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.