Victory Capital Management Inc. Grows Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Victory Capital Management Inc. raised its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 7.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 835,506 shares of the real estate investment trust's stock after acquiring an additional 56,015 shares during the quarter. Victory Capital Management Inc. owned approximately 0.49% of CareTrust REIT worth $25,784,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CTRE. Sumitomo Mitsui Trust Group Inc. grew its position in shares of CareTrust REIT by 6.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 167,608 shares of the real estate investment trust's stock worth $5,172,000 after buying an additional 10,460 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of CareTrust REIT by 0.4% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 151,594 shares of the real estate investment trust's stock worth $4,678,000 after purchasing an additional 544 shares in the last quarter. Nations Financial Group Inc. IA ADV purchased a new stake in shares of CareTrust REIT during the 3rd quarter valued at $278,000. Los Angeles Capital Management LLC acquired a new stake in shares of CareTrust REIT in the 3rd quarter worth $708,000. Finally, Assetmark Inc. purchased a new position in CareTrust REIT during the 3rd quarter worth $730,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other 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 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. The trade was a 11.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.75% of the company's stock.

Wall Street Analyst Weigh In

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

CareTrust REIT Stock Performance

Shares of NASDAQ CTRE traded up $0.11 during trading on Monday, reaching $30.44. 366,700 shares of the company traded hands, compared to its average volume of 1,542,730. The stock has a market cap of $5.22 billion, a P/E ratio of 42.13 and a beta of 1.09. The firm's fifty day simple moving average is $30.75 and its 200 day simple moving average is $27.97. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $33.15.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced its quarterly earnings results 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). The company had revenue of $77.38 million during the quarter, compared to analyst estimates 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 previous year, the firm posted $0.35 earnings per share. As a group, research analysts anticipate that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

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 of this dividend was Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 3.81%. CareTrust REIT's payout ratio is 161.11%.

CareTrust REIT 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.