Creative Planning Increases Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Creative Planning increased its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 3.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 35,330 shares of the real estate investment trust’s stock after acquiring an additional 1,071 shares during the quarter. Creative Planning’s holdings in CareTrust REIT were worth $887,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in CTRE. Vanguard Group Inc. raised its position in shares of CareTrust REIT by 13.3% during the 1st 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 during the last quarter. Zimmer Partners LP purchased a new position in shares of CareTrust REIT in the first quarter valued at approximately $41,763,000. Hazelview Securities Inc. acquired a new stake in shares of CareTrust REIT in the first quarter worth approximately $20,047,000. Tributary Capital Management LLC acquired a new stake in shares of CareTrust REIT in the second quarter worth approximately $11,119,000. Finally, Dimensional Fund Advisors LP increased its position in shares of CareTrust REIT by 15.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust’s stock worth $51,626,000 after purchasing an additional 281,120 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CTRE. BMO Capital Markets lifted their target price on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Royal Bank of Canada upped their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of 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 company from $28.00 to $34.00 in a research report on Tuesday, October 1st. Finally, KeyCorp lifted their price objective on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

Insider Activity at CareTrust REIT

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the company’s 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 transaction, the chief financial officer now directly owns 257,439 shares in the company, valued at $7,671,682.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.75% of the stock is owned by insiders.

CareTrust REIT Price Performance

CTRE stock opened at $30.24 on Friday. CareTrust REIT, Inc. has a 52-week low of $20.10 and a 52-week high of $31.51. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34. The stock has a market cap of $4.66 billion, a price-to-earnings ratio of 51.26 and a beta of 1.10. The business has a fifty day moving average of $29.63 and a two-hundred day moving average of $26.72.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (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 business had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. During the same period in the previous year, the business posted $0.35 earnings per share. As a group, research analysts anticipate that CareTrust REIT, Inc. will post 1.48 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.84%. CareTrust REIT’s payout ratio is currently 196.61%.

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.