MQS Management LLC Invests $541,000 in CareTrust REIT, Inc. (NASDAQ:CTRE)

MQS Management LLC acquired a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 21,561 shares of the real estate investment trust’s stock, valued at approximately $541,000.

Several other institutional investors and hedge funds have also modified their holdings of CTRE. Vanguard Group Inc. raised its holdings in CareTrust REIT by 13.3% during the first quarter. Vanguard Group Inc. now owns 20,267,738 shares of the real estate investment trust’s stock valued at $493,925,000 after buying an additional 2,376,832 shares in the last quarter. Zimmer Partners LP acquired a new position in shares of CareTrust REIT during the 1st quarter valued at about $41,763,000. GRS Advisors LLC acquired a new stake in CareTrust REIT in the 4th quarter worth approximately $31,656,000. Norges Bank acquired a new stake in CareTrust REIT in the 4th quarter worth approximately $18,640,000. Finally, Hazelview Securities Inc. bought a new stake in CareTrust REIT during the first quarter worth approximately $20,047,000. Institutional investors and hedge funds own 87.77% of the company’s stock.

Insiders Place Their Bets

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction dated 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 sale, the chief financial officer now owns 257,439 shares of the company’s stock, valued at $7,671,682.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of CareTrust REIT from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 30th. Wedbush started coverage on CareTrust REIT in a research report on Wednesday, May 29th. They issued a “neutral” rating and a $26.00 price target on the stock. Royal Bank of Canada boosted their price objective on CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a research report on Monday, July 1st. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $26.67.

CareTrust REIT Stock Down 0.2 %

Shares of NASDAQ:CTRE opened at $30.93 on Thursday. The company has a 50 day moving average price of $28.33 and a two-hundred day moving average price of $25.93. The company has a market capitalization of $4.39 billion, a PE ratio of 59.48 and a beta of 1.10. CareTrust REIT, Inc. has a 52 week low of $19.79 and a 52 week high of $31.51. The company has a debt-to-equity ratio of 0.34, a quick ratio of 13.37 and a current ratio of 13.37.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.29). The business had revenue of $68.89 million for the quarter, compared to the consensus estimate of $66.36 million. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same period in the prior year, the business earned $0.35 earnings per share. Analysts forecast that CareTrust REIT, Inc. will post 1.48 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.29 per share. The ex-dividend date is Monday, September 30th. This represents a $1.16 annualized dividend and a yield of 3.75%. CareTrust REIT’s dividend payout ratio (DPR) is presently 223.08%.

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.