Bank of Montreal Can Has $2.10 Million Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Bank of Montreal Can trimmed its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 13.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,632 shares of the real estate investment trust’s stock after selling 12,622 shares during the period. Bank of Montreal Can’s holdings in CareTrust REIT were worth $2,103,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rothschild Investment LLC acquired a new stake in CareTrust REIT in the 2nd quarter worth $34,000. Quest Partners LLC acquired a new stake in CareTrust REIT in the 2nd quarter worth $40,000. GAMMA Investing LLC grew its position in CareTrust REIT by 187.7% in the 2nd quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 1,143 shares during the last quarter. Spirit of America Management Corp NY acquired a new stake in CareTrust REIT in the 2nd quarter worth $126,000. Finally, Covestor Ltd grew its position in CareTrust REIT by 114,366.7% in the 1st quarter. Covestor Ltd now owns 6,868 shares of the real estate investment trust’s stock worth $167,000 after purchasing an additional 6,862 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at CareTrust REIT

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the business’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 completion of the transaction, the chief financial officer now directly owns 257,439 shares of the company’s stock, valued at $7,671,682.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.75% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wells Fargo & Company upgraded 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 report on Tuesday. Royal Bank of Canada lifted their target price on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

CareTrust REIT Trading Down 0.1 %

Shares of CTRE stock opened at $30.63 on Friday. CareTrust REIT, Inc. has a 12-month low of $19.89 and a 12-month high of $31.51. The company has a market capitalization of $4.35 billion, a P/E ratio of 58.89 and a beta of 1.10. The firm has a 50-day moving average price of $29.14 and a 200 day moving average price of $26.44. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34.

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

CareTrust REIT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend is Monday, September 30th. CareTrust REIT’s dividend payout ratio is currently 223.08%.

CareTrust REIT Company 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.