Intech Investment Management LLC Takes $1.39 Million Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Intech Investment Management LLC purchased a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 45,127 shares of the real estate investment trust's stock, valued at approximately $1,393,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CTRE. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in CareTrust REIT in the 3rd quarter valued at $7,475,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of CareTrust REIT in the third quarter worth about $1,110,000. Jennison Associates LLC acquired a new position in CareTrust REIT during the third quarter worth about $1,212,000. J. W. Coons Advisors LLC purchased a new stake in CareTrust REIT during the 3rd quarter valued at about $213,000. Finally, Quest Partners LLC raised its holdings in CareTrust REIT by 3,655.5% in the 3rd quarter. Quest Partners LLC now owns 60,313 shares of the real estate investment trust's stock valued at $1,861,000 after acquiring an additional 58,707 shares during the last quarter. 87.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction on Wednesday, September 4th. The stock was 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 in the company, valued at approximately $7,671,682.20. This trade represents a 11.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

CTRE has been the subject of a number of analyst reports. Royal Bank of Canada upped their price target on CareTrust REIT from $27.00 to $31.00 and gave the company an "outperform" rating in a research report on Thursday, August 22nd. Wells Fargo & Company raised CareTrust REIT from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. KeyCorp boosted their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. Finally, 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. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.

CareTrust REIT Trading Down 0.4 %

Shares of CTRE stock traded down $0.11 during trading hours on Wednesday, hitting $29.91. The company had a trading volume of 1,105,742 shares, compared to its average volume of 1,562,852. CareTrust REIT, Inc. has a fifty-two week low of $20.10 and a fifty-two week high of $33.15. 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 company's fifty day moving average is $30.73 and its 200 day moving average is $28.24. The stock has a market capitalization of $5.13 billion, a PE ratio of 41.69 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its quarterly 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). CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. The firm had revenue of $77.38 million for the quarter, compared to analysts' expectations of $74.12 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. Research analysts expect that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT's payout ratio is 161.11%.

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.