International Assets Investment Management LLC Acquires New Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

International Assets Investment Management LLC acquired a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,430 shares of the real estate investment trust’s stock, valued at approximately $500,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CTRE. Allspring Global Investments Holdings LLC lifted its position in CareTrust REIT by 4.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,946 shares of the real estate investment trust’s stock valued at $559,000 after purchasing an additional 895 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its position in CareTrust REIT by 6.8% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 146,936 shares of the real estate investment trust’s stock valued at $3,581,000 after purchasing an additional 9,350 shares during the period. Mutual of America Capital Management LLC raised its position in CareTrust REIT by 7.8% in the first quarter. Mutual of America Capital Management LLC now owns 22,482 shares of the real estate investment trust’s stock worth $548,000 after acquiring an additional 1,634 shares during the period. Texas Permanent School Fund Corp raised its position in CareTrust REIT by 11.0% in the first quarter. Texas Permanent School Fund Corp now owns 114,215 shares of the real estate investment trust’s stock worth $2,783,000 after acquiring an additional 11,322 shares during the period. Finally, SG Americas Securities LLC bought a new position in CareTrust REIT in the first quarter worth approximately $335,000. Institutional investors own 87.77% of the company’s stock.

Insider Activity at CareTrust REIT

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total value of $1,043,000.00. Following the completion of the transaction, the chief financial officer now directly owns 257,439 shares of the company’s stock, valued at $7,671,682.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.54% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. BMO Capital Markets increased their price target on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Royal Bank of Canada increased their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Finally, KeyCorp increased their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Two 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.com, the stock has an average rating of “Moderate Buy” and an average target price of $31.00.

CareTrust REIT Stock Performance

Shares of NASDAQ CTRE opened at $30.85 on Wednesday. The firm has a fifty day moving average price of $30.65 and a 200-day moving average price of $27.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The stock has a market cap of $5.29 billion, a PE ratio of 42.84 and a beta of 1.09. CareTrust REIT, Inc. has a 1 year low of $20.10 and a 1 year high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.08). The company had revenue of $77.38 million for the quarter, compared to analysts’ expectations of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same period in the previous year, the business posted $0.35 earnings per share. Equities analysts anticipate that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 annualized dividend and a yield of 3.76%. CareTrust REIT’s payout ratio is 161.11%.

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.