Golden State Equity Partners Boosts Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Golden State Equity Partners grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 7.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 38,926 shares of the real estate investment trust’s stock after buying an additional 2,588 shares during the quarter. Golden State Equity Partners’ holdings in CareTrust REIT were worth $1,201,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of CTRE. abrdn plc grew its holdings in shares of CareTrust REIT by 14.9% during the third quarter. abrdn plc now owns 28,125 shares of the real estate investment trust’s stock worth $868,000 after buying an additional 3,648 shares during the last quarter. Tributary Capital Management LLC lifted its holdings in CareTrust REIT by 21.4% in the third quarter. Tributary Capital Management LLC now owns 537,726 shares of the real estate investment trust’s stock valued at $16,594,000 after acquiring an additional 94,755 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of CareTrust REIT by 4.9% in the 3rd quarter. State of Alaska Department of Revenue now owns 155,633 shares of the real estate investment trust’s stock valued at $4,801,000 after purchasing an additional 7,215 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in CareTrust REIT by 41.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,514 shares of the real estate investment trust’s stock worth $170,000 after buying an additional 1,626 shares during the period. Finally, Louisiana State Employees Retirement System raised its holdings in CareTrust REIT by 4.3% during the third quarter. Louisiana State Employees Retirement System now owns 74,600 shares of the real estate investment trust’s stock worth $2,302,000 after purchasing an additional 3,100 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

CareTrust REIT Stock Performance

CTRE stock traded up $0.64 during trading on Wednesday, hitting $32.56. 321,464 shares of the company’s stock traded hands, compared to its average volume of 1,400,041. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34. The stock has a fifty day moving average price of $30.37 and a two-hundred day moving average price of $27.33. CareTrust REIT, Inc. has a 52 week low of $20.10 and a 52 week high of $32.88. The stock has a market capitalization of $4.63 billion, a price-to-earnings ratio of 61.37 and a beta of 1.10.

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 analysts’ consensus estimates of $0.38 by ($0.17). CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same quarter in the prior year, the company earned $0.35 earnings per share. As a group, equities analysts anticipate that CareTrust REIT, Inc. will post 1.48 EPS for the current fiscal year.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.29 per share. The ex-dividend date was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.56%. CareTrust REIT’s dividend payout ratio is 223.08%.

Insider Activity at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total value 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.75% of the stock is currently owned by company insiders.

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.