Amalgamated Bank Acquires 1,700 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Amalgamated Bank grew its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE) by 3.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,808 shares of the real estate investment trust’s stock after buying an additional 1,700 shares during the period. Amalgamated Bank’s holdings in CareTrust REIT were worth $1,383,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Van ECK Associates Corp raised its stake in CareTrust REIT by 18.2% in the 3rd quarter. Van ECK Associates Corp now owns 24,516 shares of the real estate investment trust’s stock valued at $756,000 after acquiring an additional 3,777 shares during the period. US Bancorp DE boosted its position in CareTrust REIT by 6.2% during the third quarter. US Bancorp DE now owns 11,786 shares of the real estate investment trust’s stock worth $364,000 after purchasing an additional 692 shares during the period. First Trust Direct Indexing L.P. acquired a new position in shares of CareTrust REIT in the third quarter valued at $220,000. New York State Teachers Retirement System raised its position in shares of CareTrust REIT by 2.0% in the third quarter. New York State Teachers Retirement System now owns 200,568 shares of the real estate investment trust’s stock valued at $6,190,000 after purchasing an additional 3,979 shares during the period. Finally, Golden State Equity Partners lifted its stake in shares of CareTrust REIT by 7.1% during the 3rd quarter. Golden State Equity Partners now owns 38,926 shares of the real estate investment trust’s stock worth $1,201,000 after buying an additional 2,588 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors.

CareTrust REIT Stock Down 1.3 %

Shares of CTRE opened at $30.38 on Thursday. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $5.21 billion, a PE ratio of 42.19 and a beta of 1.09. The firm’s 50 day moving average is $30.74 and its 200-day moving average is $27.87. CareTrust REIT, Inc. has a 12 month low of $20.10 and a 12 month high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). The company had revenue of $77.38 million for the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same quarter last year, the business earned $0.35 EPS. Equities research analysts forecast that CareTrust REIT, Inc. will post 1.5 EPS for the current year.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is presently 161.11%.

Insider Buying and Selling

In related news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the sale, the chief financial officer now 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.75% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on CTRE. BMO Capital Markets upped their price target on shares of CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. Royal Bank of Canada upped their target price on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. KeyCorp increased their target price on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $28.00 to $34.00 in a research note on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.00.

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.