Charles Schwab Investment Management Inc. Buys 132,874 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Charles Schwab Investment Management Inc. raised its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 6.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,323,045 shares of the real estate investment trust's stock after acquiring an additional 132,874 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.35% of CareTrust REIT worth $71,689,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in CareTrust REIT by 15.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust's stock worth $51,626,000 after acquiring an additional 281,120 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of CareTrust REIT by 5.2% in the 3rd quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust's stock worth $25,870,000 after buying an additional 41,623 shares during the last quarter. Victory Capital Management Inc. increased its position in CareTrust REIT by 7.2% during the 3rd quarter. Victory Capital Management Inc. now owns 835,506 shares of the real estate investment trust's stock valued at $25,784,000 after buying an additional 56,015 shares in the last quarter. Raymond James & Associates raised its stake in CareTrust REIT by 10.6% during the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust's stock valued at $21,138,000 after buying an additional 65,756 shares during the last quarter. Finally, Tributary Capital Management LLC boosted its holdings in CareTrust REIT by 21.4% in the third quarter. Tributary Capital Management LLC now owns 537,726 shares of the real estate investment trust's stock worth $16,594,000 after acquiring an additional 94,755 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

Insider Buying and Selling at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. This represents a 11.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.75% of the company's stock.

Analysts Set New Price Targets

CTRE has been the subject of several analyst reports. BMO Capital Markets raised their price target on CareTrust REIT from $33.00 to $34.00 and gave the company an "outperform" rating in a report on Monday, October 7th. Wells Fargo & Company raised shares of CareTrust REIT from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $28.00 to $34.00 in a 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 company an "outperform" rating in a report on Thursday, August 22nd. Finally, KeyCorp raised 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. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $31.00.

CareTrust REIT Stock Performance

Shares of CTRE traded down $0.12 during mid-day trading on Friday, hitting $29.79. 949,954 shares of the company traded hands, compared to its average volume of 1,560,415. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 20.63 and a beta of 1.09. The stock has a 50-day moving average price of $30.69 and a two-hundred day moving average price of $28.27. CareTrust REIT, Inc. has a 1 year low of $20.10 and a 1 year high of $33.15. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing analysts' consensus estimates 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 quarter in the prior year, the firm posted $0.35 earnings per share. Equities analysts anticipate that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.29 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.16 annualized dividend and a yield of 3.89%. 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.