Covestor Ltd Sells 2,487 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Covestor Ltd lessened its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE) by 40.8% during the third quarter, HoldingsChannel.com reports. The firm owned 3,613 shares of the real estate investment trust’s stock after selling 2,487 shares during the period. Covestor Ltd’s holdings in CareTrust REIT were worth $112,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CTRE. Newbridge Financial Services Group Inc. acquired a new position in shares of CareTrust REIT during the 2nd quarter worth about $27,000. Blue Trust Inc. grew its stake in CareTrust REIT by 178.3% in the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 772 shares in the last quarter. Rothschild Investment LLC bought a new stake in shares of CareTrust REIT during the 2nd quarter worth approximately $34,000. Quest Partners LLC bought a new position in shares of CareTrust REIT in the second quarter valued at $40,000. Finally, GAMMA Investing LLC lifted its stake in CareTrust REIT by 187.7% in the second quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 1,143 shares during the last quarter. Institutional investors own 87.77% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now owns 257,439 shares of the company’s stock, valued at $7,671,682.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.75% of the stock is owned by company insiders.

CareTrust REIT Stock Performance

NASDAQ:CTRE opened at $30.77 on Wednesday. The stock has a 50 day simple moving average of $30.73 and a 200 day simple moving average of $27.85. The stock has a market cap of $5.28 billion, a P/E ratio of 42.74 and a beta of 1.09. CareTrust REIT, Inc. has a 1-year low of $20.10 and a 1-year high of $33.15. 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 earnings per share 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 firm had revenue of $77.38 million for the quarter, compared to analyst estimates of $74.12 million. During the same period in the prior year, the business posted $0.35 EPS. Research analysts anticipate that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Announces Dividend

The firm also recently announced 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 3.77%. CareTrust REIT’s dividend payout ratio is presently 161.11%.

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.