Victory Capital Management Inc. Buys 56,015 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Victory Capital Management Inc. raised its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 7.2% in the third quarter, Holdings Channel reports. The institutional investor owned 835,506 shares of the real estate investment trust’s stock after buying an additional 56,015 shares during the quarter. Victory Capital Management Inc.’s holdings in CareTrust REIT were worth $25,784,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. bought a new position in shares of CareTrust REIT during the second quarter valued at $27,000. Rothschild Investment LLC purchased a new stake in CareTrust REIT during the 2nd quarter valued at about $34,000. Blue Trust Inc. increased its stake 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 valued at $37,000 after purchasing an additional 772 shares in the last quarter. Quest Partners LLC purchased a new position in CareTrust REIT in the second quarter worth about $40,000. Finally, GAMMA Investing LLC lifted its stake in shares of CareTrust REIT by 187.7% in the second quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 1,143 shares in the last quarter. 87.77% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT 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 transaction, the chief financial officer now directly owns 257,439 shares of the company’s stock, valued at $7,671,682.20. The trade was a 11.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Royal Bank of Canada raised their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. BMO Capital Markets boosted their price target on CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. KeyCorp upped their price target on CareTrust REIT from $27.00 to $34.00 and gave the company 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 lifted their price objective for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $31.00.

CareTrust REIT Stock Performance

Shares of CTRE opened at $30.33 on Monday. The firm has a market capitalization of $5.20 billion, a P/E ratio of 42.13 and a beta of 1.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. CareTrust REIT, Inc. has a one year low of $20.10 and a one year high of $33.15. The business has a fifty day moving average of $30.75 and a 200 day moving average of $27.97.

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

CareTrust REIT Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s dividend payout ratio is presently 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.