Sumitomo Mitsui Trust Group Inc. Purchases 10,460 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Sumitomo Mitsui Trust Group Inc. increased its position in CareTrust REIT, Inc. (NASDAQ:CTRE) by 6.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 167,608 shares of the real estate investment trust’s stock after acquiring an additional 10,460 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.10% of CareTrust REIT worth $5,172,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CTRE. SG Americas Securities LLC purchased a new stake in CareTrust REIT in the first quarter valued at approximately $335,000. ProShare Advisors LLC raised its stake in CareTrust REIT by 26.9% in the first quarter. ProShare Advisors LLC now owns 24,411 shares of the real estate investment trust’s stock valued at $595,000 after purchasing an additional 5,181 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in CareTrust REIT by 31.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 37,545 shares of the real estate investment trust’s stock valued at $915,000 after purchasing an additional 8,940 shares in the last quarter. Blair William & Co. IL purchased a new stake in CareTrust REIT in the first quarter valued at approximately $203,000. Finally, Vanguard Group Inc. raised its stake in CareTrust REIT by 13.3% in 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 purchasing an additional 2,376,832 shares in the last quarter. 87.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CTRE shares. BMO Capital Markets raised their target price 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 lifted their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. Finally, KeyCorp lifted their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Insider Activity at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction on 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 in the company, valued at $7,671,682.20. The trade was a 11.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.75% of the stock is currently owned by company insiders.

CareTrust REIT Stock Down 0.2 %

Shares of NASDAQ CTRE opened at $30.28 on Tuesday. The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.16. CareTrust REIT, Inc. has a 52 week low of $20.10 and a 52 week high of $33.15. The firm’s fifty day moving average is $30.75 and its 200 day moving average is $27.97. The company has a market cap of $5.19 billion, a price-to-earnings ratio of 42.04 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.08). CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. The firm had revenue of $77.38 million during the quarter, compared to analysts’ expectations of $74.12 million. During the same period in the previous year, the firm earned $0.35 earnings per share. On average, equities research analysts expect that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.83%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is currently 161.11%.

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.