Janney Montgomery Scott LLC Raises Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Janney Montgomery Scott LLC boosted its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 3.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,297 shares of the real estate investment trust’s stock after buying an additional 1,165 shares during the period. Janney Montgomery Scott LLC’s holdings in CareTrust REIT were worth $1,009,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CTRE. The Manufacturers Life Insurance Company boosted its stake in shares of CareTrust REIT by 25.9% in the second quarter. The Manufacturers Life Insurance Company now owns 75,955 shares of the real estate investment trust’s stock worth $1,906,000 after acquiring an additional 15,606 shares during the last quarter. Algert Global LLC purchased a new position in CareTrust REIT in the 2nd quarter valued at $341,000. Creative Planning boosted its stake in CareTrust REIT by 3.1% during the 2nd quarter. Creative Planning now owns 35,330 shares of the real estate investment trust’s stock worth $887,000 after purchasing an additional 1,071 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of CareTrust REIT during the second quarter worth $319,000. Finally, Handelsbanken Fonder AB raised its position in shares of CareTrust REIT by 68.3% in the third quarter. Handelsbanken Fonder AB now owns 43,846 shares of the real estate investment trust’s stock valued at $1,353,000 after buying an additional 17,800 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

Analysts Set New Price Targets

CTRE has been the topic of a number of recent research reports. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $34.00 to $32.00 in a research report on Monday, December 9th. Wedbush cut CareTrust REIT from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $34.00 to $26.00 in a report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, CareTrust REIT has a consensus rating of “Hold” and a consensus target price of $30.67.

CareTrust REIT Price Performance

CareTrust REIT stock opened at $26.76 on Thursday. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $27.49 and a 200 day moving average price of $28.95. CareTrust REIT, Inc. has a 12-month low of $20.33 and a 12-month high of $33.15. The stock has a market cap of $4.59 billion, a P/E ratio of 37.16, a PEG ratio of 1.25 and a beta of 1.09.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.34%. The ex-dividend date was Tuesday, December 31st. CareTrust REIT’s payout ratio is presently 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.