Raymond James & Associates Acquires 65,756 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Raymond James & Associates grew its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 10.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 684,971 shares of the real estate investment trust's stock after purchasing an additional 65,756 shares during the period. Raymond James & Associates owned approximately 0.48% of CareTrust REIT worth $21,138,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CTRE. Blue Trust Inc. boosted its position in CareTrust REIT by 178.3% during the 3rd 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 in the last quarter. Trust Point Inc. purchased a new stake in CareTrust REIT in the third quarter worth $578,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in CareTrust REIT by 21.8% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 29,331 shares of the real estate investment trust's stock worth $905,000 after purchasing an additional 5,241 shares in the last quarter. Vontobel Holding Ltd. purchased a new position in CareTrust REIT during the third quarter valued at $406,000. Finally, Creative Planning boosted its holdings in shares of CareTrust REIT by 76.6% during the 3rd quarter. Creative Planning now owns 62,378 shares of the real estate investment trust's stock valued at $1,925,000 after buying an additional 27,048 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CTRE shares. BMO Capital Markets lifted their price target on shares of CareTrust REIT from $33.00 to $34.00 and gave the company an "outperform" rating in a research report on Monday, October 7th. Wells Fargo & Company upgraded shares of CareTrust REIT from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft upped their price target on CareTrust REIT from $23.00 to $27.00 and gave the stock a "hold" rating in a research note on Monday, July 1st. Royal Bank of Canada lifted their price objective on CareTrust REIT from $27.00 to $31.00 and gave the company an "outperform" rating in a research note on Thursday, August 22nd. Finally, KeyCorp boosted their target price on CareTrust REIT from $27.00 to $34.00 and gave the stock an "overweight" rating in a 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's stock. According to data from MarketBeat.com, CareTrust REIT has a consensus rating of "Moderate Buy" and an average target price of $31.00.

Insider Activity at CareTrust REIT

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT 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 completion of the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.75% of the stock is owned by insiders.

CareTrust REIT Stock Down 0.0 %

NASDAQ CTRE traded down $0.01 during mid-day trading on Friday, reaching $30.93. The stock had a trading volume of 992,912 shares, compared to its average volume of 1,405,913. The stock has a market cap of $4.39 billion, a PE ratio of 59.48 and a beta of 1.10. CareTrust REIT, Inc. has a 1 year low of $20.10 and a 1 year high of $31.51. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37. The company has a fifty day moving average price of $30.24 and a 200 day moving average price of $27.19.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.29). The business had revenue of $68.89 million for the quarter, compared to the consensus estimate of $66.36 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same period in the previous year, the company earned $0.35 earnings per share. On average, research analysts expect that CareTrust REIT, Inc. will post 1.48 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.75%. CareTrust REIT's payout ratio is 223.08%.

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.