Los Angeles Capital Management LLC Purchases Shares of 22,942 CareTrust REIT, Inc. (NASDAQ:CTRE)

Los Angeles Capital Management LLC purchased a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 22,942 shares of the real estate investment trust's stock, valued at approximately $708,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Assetmark Inc. bought a new stake in shares of CareTrust REIT in the 3rd quarter worth approximately $730,000. Summit Global Investments purchased a new stake in shares of CareTrust REIT in the third quarter worth $1,296,000. Principal Financial Group Inc. increased its stake in CareTrust REIT by 5.2% during the 3rd quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust's stock valued at $25,870,000 after purchasing an additional 41,623 shares in the last quarter. Amalgamated Bank increased its stake in CareTrust REIT by 3.9% during the 3rd quarter. Amalgamated Bank now owns 44,808 shares of the real estate investment trust's stock valued at $1,383,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of CareTrust REIT by 18.2% in the third quarter. Van ECK Associates Corp now owns 24,516 shares of the real estate investment trust's stock worth $756,000 after buying an additional 3,777 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CTRE shares. KeyCorp upped their price objective on CareTrust REIT from $27.00 to $34.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. Royal Bank of Canada increased their price objective on CareTrust REIT from $27.00 to $31.00 and gave the company an "outperform" rating in a research report on Thursday, August 22nd. BMO Capital Markets upped their target price on shares of CareTrust REIT from $33.00 to $34.00 and gave the company an "outperform" rating in a research note on Monday, October 7th. Finally, Wells Fargo & Company upgraded shares of 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 note on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

CareTrust REIT Price Performance

Shares of CTRE stock traded up $0.40 during mid-day trading on Friday, hitting $30.33. The company had a trading volume of 1,927,664 shares, compared to its average volume of 1,548,028. 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 has a market capitalization of $5.20 billion, a P/E ratio of 42.15 and a beta of 1.09. CareTrust REIT, Inc. has a 52-week low of $20.10 and a 52-week high of $33.15. The stock's 50 day moving average price is $30.75 and its 200-day moving average price is $27.92.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.08). The business had revenue of $77.38 million for the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same period in the prior year, the company posted $0.35 EPS. Equities research analysts forecast that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.29 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 3.82%. CareTrust REIT's payout ratio is 161.11%.

Insider Transactions at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the company'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 value 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 $7,671,682.20. This represents a 11.97 % decrease in their ownership of the stock. The transaction 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.

CareTrust REIT Company 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.