Cornercap Investment Counsel Inc. Reduces Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Cornercap Investment Counsel Inc. lowered its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 51.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,600 shares of the real estate investment trust's stock after selling 19,824 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in CareTrust REIT were worth $574,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CTRE. Newbridge Financial Services Group Inc. purchased a new position in CareTrust REIT in the second quarter valued at about $27,000. Blue Trust Inc. lifted its position in CareTrust REIT by 178.3% during the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust's stock valued at $37,000 after acquiring an additional 772 shares during the last quarter. Rothschild Investment LLC acquired a new stake in CareTrust REIT in the second quarter valued at approximately $34,000. Quest Partners LLC purchased a new position in CareTrust REIT in the second quarter worth $40,000. Finally, GAMMA Investing LLC increased its position in shares of CareTrust REIT by 187.7% during the second quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust's stock worth $44,000 after purchasing an additional 1,143 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

Insider Transactions at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the business's stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the completion of the sale, the chief financial officer now directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. The trade was a 11.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.75% of the company's stock.

CareTrust REIT Price Performance

NASDAQ CTRE traded up $0.40 during trading hours on Friday, reaching $30.33. The company's stock had a trading volume of 1,927,664 shares, compared to its average volume of 1,548,028. The firm has a market capitalization of $5.20 billion, a price-to-earnings ratio of 42.13 and a beta of 1.09. The company's 50-day moving average is $30.75 and its two-hundred day moving average is $27.95. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. CareTrust REIT, Inc. has a 1-year low of $20.10 and a 1-year high of $33.15.

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 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 business had revenue of $77.38 million for the quarter, compared to analyst estimates of $74.12 million. During the same period in the previous year, the company earned $0.35 earnings per share. On average, equities 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. Stockholders of record on Monday, September 30th were given a $0.29 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.82%. CareTrust REIT's dividend payout ratio (DPR) is 161.11%.

Analyst Ratings Changes

CTRE has been the subject of a number of recent analyst reports. BMO Capital Markets raised their price objective on CareTrust REIT from $33.00 to $34.00 and gave the stock an "outperform" rating in a research report on Monday, October 7th. KeyCorp boosted their target price 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. Wells Fargo & Company raised CareTrust REIT from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Finally, Royal Bank of Canada upped their price objective 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. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, CareTrust REIT currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.

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.