The Manufacturers Life Insurance Company Buys 6,979 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

The Manufacturers Life Insurance Company boosted its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 9.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 82,934 shares of the real estate investment trust’s stock after purchasing an additional 6,979 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in CareTrust REIT were worth $2,559,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CTRE. Newbridge Financial Services Group Inc. purchased a new position in shares of CareTrust REIT during the 2nd quarter valued at $27,000. Rothschild Investment LLC bought a new stake in CareTrust REIT during the second quarter valued at $34,000. Blue Trust Inc. grew its position in CareTrust REIT by 178.3% during the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 772 shares in the last quarter. Quest Partners LLC bought a new position in CareTrust REIT in the 2nd quarter worth about $40,000. Finally, GAMMA Investing LLC raised its holdings in shares of 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 valued at $44,000 after acquiring an additional 1,143 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Wall Street Analysts Forecast Growth

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

CareTrust REIT Trading Down 0.3 %

CTRE stock opened at $29.34 on Monday. The company has a market capitalization of $5.03 billion, a PE ratio of 40.75 and a beta of 1.07. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60. CareTrust REIT, Inc. has a one year low of $20.10 and a one year high of $33.15. The company’s 50 day moving average price is $30.53 and its two-hundred day moving average price is $28.49.

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

CareTrust REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.29 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.16 annualized dividend and a yield of 3.95%. CareTrust REIT’s payout ratio is currently 161.11%.

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.