Connor Clark & Lunn Investment Management Ltd. Increases Stake in CareTrust REIT, Inc. $CTRE

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 1,119.6% in the 2nd quarter, Holdings Channel.com reports. The fund owned 264,592 shares of the real estate investment trust’s stock after buying an additional 242,897 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in CareTrust REIT were worth $8,097,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. M&T Bank Corp grew its stake in shares of CareTrust REIT by 7.1% in the first quarter. M&T Bank Corp now owns 16,450 shares of the real estate investment trust’s stock worth $471,000 after acquiring an additional 1,094 shares during the period. Cerity Partners LLC purchased a new stake in shares of CareTrust REIT in the 1st quarter worth $255,000. Xponance Inc. raised its stake in shares of CareTrust REIT by 6.2% in the first quarter. Xponance Inc. now owns 14,203 shares of the real estate investment trust’s stock worth $406,000 after buying an additional 824 shares during the period. Ballentine Partners LLC bought a new stake in CareTrust REIT during the 1st quarter worth approximately $329,000. Finally, Arizona State Retirement System raised its position in shares of CareTrust REIT by 20.1% during the 1st quarter. Arizona State Retirement System now owns 53,731 shares of the real estate investment trust’s stock valued at $1,536,000 after purchasing an additional 8,978 shares during the period. 87.77% of the stock is currently owned by institutional investors.

CareTrust REIT Stock Performance

Shares of NASDAQ:CTRE opened at $36.26 on Thursday. The firm has a fifty day simple moving average of $34.64 and a two-hundred day simple moving average of $32.11. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 52 week low of $24.79 and a 52 week high of $37.19. The stock has a market capitalization of $8.10 billion, a P/E ratio of 45.90, a PEG ratio of 1.25 and a beta of 0.81.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.335 per share. The ex-dividend date was Tuesday, September 30th. This represents a $1.34 dividend on an annualized basis and a yield of 3.7%. CareTrust REIT’s payout ratio is 100.00%.

Analysts Set New Price Targets

CTRE has been the topic of a number of recent analyst reports. Raymond James Financial set a $39.00 price target on CareTrust REIT and gave the company a “strong-buy” rating in a report on Tuesday, September 2nd. Royal Bank Of Canada lifted their target price on CareTrust REIT from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday. Cantor Fitzgerald assumed coverage on CareTrust REIT in a research note on Wednesday, October 1st. They issued a “neutral” rating and a $37.00 price target for the company. KeyCorp increased their price objective on shares of CareTrust REIT from $33.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, August 14th. Finally, Wells Fargo & Company boosted their target price on shares of CareTrust REIT from $32.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, August 27th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $35.00.

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.