Pitcairn Co. Buys 671 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Pitcairn Co. boosted its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 5.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,440 shares of the real estate investment trust’s stock after purchasing an additional 671 shares during the quarter. Pitcairn Co.’s holdings in CareTrust REIT were worth $415,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Hsbc Holdings PLC boosted its position in shares of CareTrust REIT by 25.4% in the second quarter. Hsbc Holdings PLC now owns 104,410 shares of the real estate investment trust’s stock valued at $2,618,000 after acquiring an additional 21,145 shares during the period. Teachers Retirement System of The State of Kentucky grew its position in shares of CareTrust REIT by 32.3% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 125,276 shares of the real estate investment trust’s stock valued at $3,052,000 after purchasing an additional 30,619 shares in the last quarter. Raymond James & Associates increased its holdings in shares of CareTrust REIT by 10.6% in the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust’s stock worth $21,138,000 after purchasing an additional 65,756 shares during the period. Boston Partners purchased a new stake in shares of CareTrust REIT in the first quarter worth $968,000. Finally, Sanctuary Advisors LLC bought a new stake in CareTrust REIT during the second quarter valued at $319,000. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Stock Down 0.0 %

Shares of CTRE opened at $30.02 on Wednesday. CareTrust REIT, Inc. has a 1 year low of $20.10 and a 1 year high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The stock has a 50 day simple moving average of $30.75 and a two-hundred day simple moving average of $28.20. The firm has a market cap of $5.15 billion, a P/E ratio of 41.69 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.08). The business had revenue of $77.38 million for the quarter, compared to the consensus estimate 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 prior year, the business posted $0.35 EPS. On average, analysts forecast that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is presently 161.11%.

Insider Activity at CareTrust REIT

In other CareTrust REIT 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 owns 257,439 shares in the company, valued at approximately $7,671,682.20. The trade was a 11.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.75% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

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.