Daiwa Securities Group Inc. Decreases Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Daiwa Securities Group Inc. lowered its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 3.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 246,268 shares of the real estate investment trust’s stock after selling 9,298 shares during the period. Daiwa Securities Group Inc.’s holdings in CareTrust REIT were worth $7,600,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. CWM LLC increased its stake in shares of CareTrust REIT by 16.8% during the 3rd quarter. CWM LLC now owns 3,244 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 467 shares during the last quarter. United Services Automobile Association boosted its holdings in CareTrust REIT by 5.0% in the 2nd quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust’s stock worth $282,000 after buying an additional 540 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in CareTrust REIT by 0.4% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 151,594 shares of the real estate investment trust’s stock worth $4,678,000 after buying an additional 544 shares during the period. Pitcairn Co. boosted its holdings in CareTrust REIT by 5.3% in the 3rd quarter. Pitcairn Co. now owns 13,440 shares of the real estate investment trust’s stock worth $415,000 after buying an additional 671 shares during the period. Finally, US Bancorp DE boosted its holdings in CareTrust REIT by 6.2% in the 3rd quarter. US Bancorp DE now owns 11,786 shares of the real estate investment trust’s stock worth $364,000 after buying an additional 692 shares during the period. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Analyst Upgrades and Downgrades

CTRE has been the subject of several analyst reports. BMO Capital Markets raised their price objective on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a 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 price objective for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. KeyCorp raised their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Finally, Royal Bank of Canada raised their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

Insider Buying and Selling

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction 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 transaction, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. This trade represents a 11.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.54% of the stock is owned by corporate insiders.

CareTrust REIT Stock Performance

NASDAQ CTRE opened at $30.03 on Tuesday. CareTrust REIT, Inc. has a 52-week low of $20.10 and a 52-week high of $33.15. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60. The company has a market capitalization of $5.15 billion, a P/E ratio of 41.71 and a beta of 1.09. The company has a fifty day moving average of $30.77 and a 200-day moving average of $28.17.

CareTrust REIT (NASDAQ:CTRE) last posted 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 return on equity of 5.32% and a net margin of 36.88%. The company had revenue of $77.38 million for the quarter, compared to the consensus estimate of $74.12 million. During the same period in the prior year, the firm posted $0.35 earnings per share. As a group, equities research analysts predict that CareTrust REIT, Inc. will post 1.5 EPS for the current fiscal year.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s payout ratio is presently 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.