CareTrust REIT (NASDAQ:CTRE) Shares Down 4.8% - Should You Sell?

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report)'s share price was down 4.8% on Monday . The company traded as low as $30.62 and last traded at $30.83. Approximately 3,070,407 shares traded hands during mid-day trading, an increase of 107% from the average daily volume of 1,485,637 shares. The stock had previously closed at $32.37.

Wall Street Analysts Forecast Growth

CTRE has been the subject of a number of recent research reports. KeyCorp increased their price objective on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an "overweight" rating in a research note on Monday, October 7th. BMO Capital Markets increased their target price on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an "outperform" rating in a research report on Monday, October 7th. Wells Fargo & Company raised shares of CareTrust REIT from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $28.00 to $34.00 in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada raised their target price on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an "outperform" rating in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, CareTrust REIT has a consensus rating of "Moderate Buy" and an average target price of $31.00.

CareTrust REIT Stock Down 4.0 %

The company has a market capitalization of $5.33 billion, a P/E ratio of 43.14 and a beta of 1.09. The company has a debt-to-equity ratio of 0.16, a quick ratio of 13.37 and a current ratio of 7.60. The stock has a 50 day moving average price of $30.62 and a 200 day moving average price of $27.57.

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

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT's payout ratio is presently 161.11%.

Insider Buying and Selling at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer now owns 257,439 shares of the company's stock, valued at approximately $7,671,682.20. The trade was a 0.00 % 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. Insiders own 1.75% of the company's stock.

Institutional Trading of CareTrust REIT

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hsbc Holdings PLC lifted its position in CareTrust REIT by 25.4% in the second quarter. Hsbc Holdings PLC now owns 104,410 shares of the real estate investment trust's stock valued at $2,618,000 after purchasing an additional 21,145 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of CareTrust REIT by 32.3% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 125,276 shares of the real estate investment trust's stock worth $3,052,000 after acquiring an additional 30,619 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of CareTrust REIT by 13.3% in the first quarter. Vanguard Group Inc. now owns 20,267,738 shares of the real estate investment trust's stock worth $493,925,000 after acquiring an additional 2,376,832 shares during the last quarter. Raymond James & Associates grew its stake in shares of CareTrust REIT by 10.6% in the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust's stock worth $21,138,000 after acquiring an additional 65,756 shares during the last quarter. Finally, Centersquare Investment Management LLC boosted its position in shares of CareTrust REIT by 1.6% during the first quarter. Centersquare Investment Management LLC now owns 2,869,111 shares of the real estate investment trust's stock valued at $70,924,000 after buying an additional 45,733 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

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.