CareTrust REIT (NYSE:CTRE) Sees Unusually-High Trading Volume – Here’s Why

Shares of CareTrust REIT, Inc. (NYSE:CTRE) saw an uptick in trading volume on Tuesday . 2,190,740 shares changed hands during trading, a decline of 10% from the previous session’s volume of 2,429,631 shares.The stock last traded at $40.98 and had previously closed at $41.52.

Analyst Upgrades and Downgrades

Several research firms have commented on CTRE. Royal Bank Of Canada boosted their target price on CareTrust REIT from $41.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, February 24th. Mizuho started coverage on CareTrust REIT in a research report on Thursday, April 2nd. They issued an “outperform” rating and a $42.00 price target for the company. Citigroup began coverage on shares of CareTrust REIT in a research note on Thursday, January 22nd. They issued a “market outperform” rating on the stock. Weiss Ratings upgraded shares of CareTrust REIT from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, January 26th. Finally, Citizens Jmp assumed coverage on CareTrust REIT in a research report on Thursday, January 22nd. They issued a “market outperform” rating and a $44.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $42.82.

CareTrust REIT Stock Performance

The company has a market cap of $9.75 billion, a P/E ratio of 26.45, a P/E/G ratio of 2.72 and a beta of 0.77. The company has a quick ratio of 2.37, a current ratio of 2.38 and a debt-to-equity ratio of 0.22. The business has a fifty day simple moving average of $39.14 and a two-hundred day simple moving average of $38.01.

CareTrust REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, March 31st. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.34. CareTrust REIT’s payout ratio is presently 85.90%.

Hedge Funds Weigh In On CareTrust REIT

Institutional investors have recently bought and sold shares of the stock. Kemnay Advisory Services Inc. bought a new position in shares of CareTrust REIT in the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC increased its holdings in CareTrust REIT by 520.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 868 shares of the company’s stock worth $32,000 after acquiring an additional 728 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in CareTrust REIT by 134.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the company’s stock worth $34,000 after acquiring an additional 644 shares during the period. Heritage Wealth Advisors lifted its holdings in CareTrust REIT by 42.9% during the third quarter. Heritage Wealth Advisors now owns 1,000 shares of the company’s stock valued at $35,000 after purchasing an additional 300 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in CareTrust REIT by 114.0% during the third quarter. Allworth Financial LP now owns 1,042 shares of the company’s stock valued at $36,000 after purchasing an additional 555 shares in the last quarter. 87.77% of the stock is owned by institutional investors.

About CareTrust REIT

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.