Raymond James & Associates Purchases 65,756 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Raymond James & Associates boosted its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 10.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 684,971 shares of the real estate investment trust’s stock after purchasing an additional 65,756 shares during the period. Raymond James & Associates’ holdings in CareTrust REIT were worth $21,138,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Blue Trust Inc. lifted its holdings in shares of 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 worth $37,000 after acquiring an additional 772 shares during the last quarter. Trust Point Inc. acquired a new position in CareTrust REIT during the 3rd quarter worth approximately $578,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in CareTrust REIT by 21.8% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 29,331 shares of the real estate investment trust’s stock valued at $905,000 after purchasing an additional 5,241 shares during the last quarter. Vontobel Holding Ltd. acquired a new stake in CareTrust REIT in the third quarter valued at approximately $406,000. Finally, Creative Planning boosted its position in CareTrust REIT by 76.6% in the third quarter. Creative Planning now owns 62,378 shares of the real estate investment trust’s stock valued at $1,925,000 after buying an additional 27,048 shares in the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

Wall Street Analyst Weigh In

CTRE has been the subject of several research analyst reports. Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft increased their target price on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st. BMO Capital Markets boosted their price target on CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Royal Bank of Canada upped their price objective on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Finally, KeyCorp lifted their target price on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, CareTrust REIT currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

Insider Activity at CareTrust REIT

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.75% of the stock is owned by company insiders.

CareTrust REIT Stock Performance

Shares of CTRE stock opened at $30.94 on Friday. CareTrust REIT, Inc. has a 1-year low of $20.10 and a 1-year high of $31.51. The company has a current ratio of 13.37, a quick ratio of 13.37 and a debt-to-equity ratio of 0.34. The stock has a market cap of $4.40 billion, a price-to-earnings ratio of 59.50 and a beta of 1.10. The stock has a 50-day moving average of $30.24 and a 200-day moving average of $27.17.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.29). The firm had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same period in the prior year, the company posted $0.35 EPS. On average, equities research analysts forecast that CareTrust REIT, Inc. will post 1.48 earnings per share for the current year.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s dividend payout ratio is presently 223.08%.

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.