CareTrust REIT, Inc. (NASDAQ:CTRE) Stock Position Reduced by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC cut its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 5.9% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,132 shares of the real estate investment trust’s stock after selling 2,264 shares during the period. Janney Montgomery Scott LLC’s holdings in CareTrust REIT were worth $1,115,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CTRE. Newbridge Financial Services Group Inc. bought a new stake in CareTrust REIT in the second quarter worth approximately $27,000. Blue Trust Inc. grew its position in CareTrust REIT by 178.3% in the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 772 shares in the last quarter. Rothschild Investment LLC bought a new stake in CareTrust REIT in the second quarter worth approximately $34,000. Quest Partners LLC bought a new stake in CareTrust REIT in the second quarter worth approximately $40,000. Finally, GAMMA Investing LLC grew its position in CareTrust REIT by 187.7% in the second quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 1,143 shares in the last quarter. 87.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the 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 owns 257,439 shares in the company, valued at approximately $7,671,682.20. This represents a 11.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.75% of the company’s stock.

Wall Street Analysts Forecast Growth

CTRE has been the subject of several recent research reports. Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. BMO Capital Markets upped their price objective on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. KeyCorp upped their price objective on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Royal Bank of Canada upped their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

CareTrust REIT Price Performance

NASDAQ CTRE opened at $30.35 on Friday. The company has a market cap of $5.20 billion, a P/E ratio of 42.15 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. The company has a fifty day simple moving average of $30.75 and a 200 day simple moving average of $27.92. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS 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 analyst estimates of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, sell-side analysts predict that CareTrust REIT, Inc. will post 1.5 EPS for the current 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. This represents a $1.16 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s payout ratio is currently 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.