Raymond James & Associates Purchases 65,756 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Raymond James & Associates raised its position in CareTrust REIT, Inc. (NASDAQ:CTRE) by 10.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 684,971 shares of the real estate investment trust’s stock after acquiring an additional 65,756 shares during the period. Raymond James & Associates owned about 0.48% of CareTrust REIT worth $21,138,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Hsbc Holdings PLC boosted its stake in shares of CareTrust REIT by 25.4% during the 2nd quarter. Hsbc Holdings PLC now owns 104,410 shares of the real estate investment trust’s stock worth $2,618,000 after buying an additional 21,145 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in CareTrust REIT by 32.3% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 125,276 shares of the real estate investment trust’s stock worth $3,052,000 after acquiring an additional 30,619 shares in the last quarter. Vanguard Group Inc. boosted its position in 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 valued at $493,925,000 after purchasing an additional 2,376,832 shares during the last quarter. Centersquare Investment Management LLC grew its stake in CareTrust REIT by 1.6% in the first quarter. Centersquare Investment Management LLC now owns 2,869,111 shares of the real estate investment trust’s stock valued at $70,924,000 after purchasing an additional 45,733 shares in the last quarter. Finally, Boston Partners acquired a new position in shares of CareTrust REIT during the 1st quarter worth approximately $968,000. Institutional investors own 87.77% of the company’s stock.

Wall Street Analysts Forecast Growth

CTRE has been the subject of several recent analyst reports. Royal Bank of Canada increased their price objective on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. 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 note on Tuesday, October 1st. BMO Capital Markets boosted their price objective 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. Deutsche Bank Aktiengesellschaft raised their target price 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. Finally, KeyCorp boosted 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, October 7th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $31.00.

CareTrust REIT Stock Performance

NASDAQ CTRE opened at $30.94 on Friday. The stock has a market cap of $4.40 billion, a PE ratio of 59.50 and a beta of 1.10. 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 firm has a 50-day moving average of $30.24 and a 200-day moving average of $27.17. CareTrust REIT, Inc. has a 52-week low of $20.10 and a 52-week high of $31.51.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS 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 business had revenue of $68.89 million during the quarter, compared to analyst estimates of $66.36 million. During the same quarter last year, the company posted $0.35 earnings per share. On average, sell-side analysts anticipate that CareTrust REIT, Inc. will post 1.48 EPS for the current year.

CareTrust REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.29 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.75%. CareTrust REIT’s payout ratio is 223.08%.

Insider Activity

In related news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $7,671,682.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.75% of the stock is owned by company insiders.

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.