Golden State Equity Partners Acquires 2,588 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Golden State Equity Partners increased its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 7.1% in the third quarter, Holdings Channel.com reports. The firm owned 38,926 shares of the real estate investment trust’s stock after purchasing an additional 2,588 shares during the quarter. Golden State Equity Partners’ holdings in CareTrust REIT were worth $1,201,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CTRE. Vanguard Group Inc. increased its stake in shares of CareTrust REIT by 13.3% during the 1st quarter. Vanguard Group Inc. now owns 20,267,738 shares of the real estate investment trust’s stock worth $493,925,000 after purchasing an additional 2,376,832 shares during the last quarter. Zimmer Partners LP bought a new stake in shares of CareTrust REIT during the first quarter worth approximately $41,763,000. Tributary Capital Management LLC bought a new stake in CareTrust REIT in the 2nd quarter valued at $11,119,000. Dimensional Fund Advisors LP raised its stake in 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 purchasing an additional 281,120 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in CareTrust REIT by 49.7% in the 1st quarter. Russell Investments Group Ltd. now owns 841,605 shares of the real estate investment trust’s stock worth $20,509,000 after purchasing an additional 279,412 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the company’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 of the company’s stock, valued at $7,671,682.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.75% of the stock is currently owned by corporate insiders.

CareTrust REIT Stock Up 2.0 %

Shares of CareTrust REIT stock traded up $0.64 during trading on Wednesday, reaching $32.56. 321,464 shares of the company traded hands, compared to its average volume of 1,400,041. The company has a 50 day moving average price of $30.37 and a 200-day moving average price of $27.33. CareTrust REIT, Inc. has a 1-year low of $20.10 and a 1-year high of $32.88. The firm has a market capitalization of $4.63 billion, a PE ratio of 61.37 and a beta of 1.10. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17). CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same quarter last year, the firm earned $0.35 EPS. As a group, equities research analysts expect that CareTrust REIT, Inc. will post 1.48 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

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 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is currently 223.08%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Royal Bank of Canada boosted their price target on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. 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 report on Monday, October 7th. 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 report on Monday, October 7th. Finally, Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.