Connor Clark & Lunn Investment Management Ltd. Purchases New Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE) in the 3rd quarter, HoldingsChannel reports. The fund purchased 35,959 shares of the real estate investment trust’s stock, valued at approximately $1,110,000.

Other hedge funds have also bought and sold shares of the company. Newbridge Financial Services Group Inc. acquired a new stake in CareTrust REIT in the 2nd quarter valued at $27,000. Blue Trust Inc. grew its position in CareTrust REIT by 178.3% in the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 772 shares during the period. Rothschild Investment LLC acquired a new stake in CareTrust REIT in the 2nd quarter valued at $34,000. Quest Partners LLC acquired a new stake in CareTrust REIT in the 2nd quarter valued at $40,000. Finally, GAMMA Investing LLC grew its position in 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.

Insider Transactions at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. The trade was a 11.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CTRE shares. KeyCorp lifted their price objective 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. BMO Capital Markets lifted their price objective on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $28.00 to $34.00 in a 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 research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.00.

CareTrust REIT Trading Down 0.4 %

NASDAQ CTRE opened at $29.91 on Thursday. The stock has a market capitalization of $5.13 billion, a price-to-earnings ratio of 41.69 and a beta of 1.09. CareTrust REIT, Inc. has a one year low of $20.10 and a one year high of $33.15. 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’s fifty day moving average is $30.73 and its 200-day moving average is $28.24.

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

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders 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 dividend yield of 3.88%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s payout ratio is 161.11%.

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.