Public Sector Pension Investment Board Acquires 14,600 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Public Sector Pension Investment Board increased its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 4.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 327,216 shares of the real estate investment trust’s stock after acquiring an additional 14,600 shares during the period. Public Sector Pension Investment Board’s holdings in CareTrust REIT were worth $10,098,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC increased its stake in shares of CareTrust REIT by 16.8% during the third quarter. CWM LLC now owns 3,244 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 467 shares during the period. United Services Automobile Association grew its stake in CareTrust REIT by 5.0% in the second quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust’s stock worth $282,000 after purchasing an additional 540 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of CareTrust REIT by 0.4% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 151,594 shares of the real estate investment trust’s stock worth $4,678,000 after buying an additional 544 shares during the period. Pitcairn Co. increased its stake in shares of CareTrust REIT by 5.3% in the 3rd quarter. Pitcairn Co. now owns 13,440 shares of the real estate investment trust’s stock worth $415,000 after acquiring an additional 671 shares in the last quarter. Finally, US Bancorp DE increased its stake in shares of 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 valued at $364,000 after purchasing an additional 692 shares in the last quarter. Institutional investors own 87.77% of the company’s stock.

CareTrust REIT Price Performance

Shares of NASDAQ:CTRE opened at $29.91 on Friday. CareTrust REIT, Inc. has a twelve month low of $20.10 and a twelve month high of $33.15. The stock has a market capitalization of $5.13 billion, a PE ratio of 41.54 and a beta of 1.09. The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.16. The firm’s 50 day moving average price is $30.69 and its 200-day moving average price is $28.27.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing the consensus estimate 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 net margin of 36.88% and a return on equity of 5.32%. During the same quarter last year, the firm posted $0.35 earnings per share. Equities research analysts expect that CareTrust REIT, Inc. will post 1.5 EPS for the current year.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s payout ratio is 161.11%.

Insiders Place Their Bets

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was 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 directly owns 257,439 shares of the company’s stock, valued at $7,671,682.20. This trade represents a 11.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

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.