Los Angeles Capital Management LLC Takes Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Los Angeles Capital Management LLC purchased a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 22,942 shares of the real estate investment trust’s stock, valued at approximately $708,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. acquired a new stake in shares of CareTrust REIT in the second quarter worth $27,000. Rothschild Investment LLC acquired a new stake in CareTrust REIT during the 2nd quarter worth about $34,000. Blue Trust Inc. boosted its position in CareTrust REIT by 178.3% during the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 772 shares during the period. Quest Partners LLC purchased a new position in CareTrust REIT during the 2nd quarter valued at about $40,000. Finally, GAMMA Investing LLC increased 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 purchasing an additional 1,143 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Stock Up 1.4 %

CareTrust REIT stock opened at $30.35 on Friday. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. CareTrust REIT, Inc. has a 1-year low of $20.10 and a 1-year high of $33.15. The firm’s fifty day simple moving average is $30.75 and its 200-day simple moving average is $27.92. The company has a market capitalization of $5.20 billion, a P/E ratio of 42.15 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE) last posted 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 business had revenue of $77.38 million for the quarter, compared to analyst estimates of $74.12 million. During the same period in the previous year, the company earned $0.35 earnings per share. Sell-side analysts forecast that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given 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 yield of 3.82%. CareTrust REIT’s payout ratio is currently 161.11%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 257,439 shares in the company, valued at $7,671,682.20. This 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 at the SEC website. Company insiders own 1.75% of the company’s stock.

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.