Martingale Asset Management L P Acquires Shares of 25,401 CareTrust REIT, Inc. (NASDAQ:CTRE)

Martingale Asset Management L P bought a new position in CareTrust REIT, Inc. (NASDAQ:CTRE) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 25,401 shares of the real estate investment trust’s stock, valued at approximately $784,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CTRE. FMR LLC lifted its position in CareTrust REIT by 209.9% in the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after buying an additional 3,538,798 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of CareTrust REIT by 344.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 951,535 shares of the real estate investment trust’s stock valued at $29,364,000 after acquiring an additional 737,236 shares during the period. Tributary Capital Management LLC bought a new stake in shares of CareTrust REIT in the 2nd quarter worth about $11,119,000. Dimensional Fund Advisors LP boosted its stake in shares of CareTrust REIT by 15.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust’s stock worth $51,626,000 after purchasing an additional 281,120 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in CareTrust REIT during the 3rd quarter valued at about $7,475,000. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity

In other news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. This trade represents a 11.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.75% of the company’s stock.

CareTrust REIT Price Performance

Shares of CTRE stock opened at $29.19 on Tuesday. CareTrust REIT, Inc. has a twelve month low of $20.10 and a twelve month high of $33.15. The stock has a fifty day simple moving average of $30.65 and a two-hundred day simple moving average of $28.38. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of 40.54 and a beta of 1.09. 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 (NASDAQ:CTRE) last posted 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). CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. The business had revenue of $77.38 million for the quarter, compared to analysts’ expectations of $74.12 million. During the same period last year, the business posted $0.35 EPS. On average, analysts predict that CareTrust REIT, Inc. will post 1.5 EPS 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 given 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 yield of 3.97%. CareTrust REIT’s dividend payout ratio (DPR) is presently 161.11%.

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.