7,722 Shares in CareTrust REIT, Inc. (NASDAQ:CTRE) Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc purchased a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 7,722 shares of the real estate investment trust’s stock, valued at approximately $238,000.

Several other large investors also recently added to or reduced their stakes in 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 acquiring an additional 2,376,832 shares during the period. Zimmer Partners LP bought a new position in shares of CareTrust REIT during the 1st quarter worth $41,763,000. Tributary Capital Management LLC purchased a new stake in shares of CareTrust REIT in the 2nd quarter worth approximately $11,119,000. Dimensional Fund Advisors LP raised its position in shares of CareTrust REIT by 15.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust’s stock worth $51,626,000 after acquiring an additional 281,120 shares in the last quarter. Finally, Manning & Napier Advisors LLC bought a new stake in shares of CareTrust REIT in the 2nd quarter valued at about $4,764,000. 87.77% of the stock is currently owned by institutional investors.

Insider Transactions at CareTrust REIT

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. The trade was a 11.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.75% of the company’s stock.

CareTrust REIT Stock Performance

Shares of CareTrust REIT stock opened at $30.30 on Friday. The stock has a market capitalization of $5.19 billion, a price-to-earnings ratio of 42.33 and a beta of 1.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The business has a 50-day moving average of $30.79 and a 200 day moving average of $28.08. 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 earnings per share 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 analysts’ expectations of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same period in the prior year, the company posted $0.35 EPS. As a group, sell-side analysts forecast that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.29 per share. The ex-dividend date was Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.83%. CareTrust REIT’s payout ratio is currently 161.11%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. 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. KeyCorp lifted their price objective on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Royal Bank of Canada increased their price target on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Finally, BMO Capital Markets boosted their target price on shares of CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, CareTrust REIT currently 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.