Nicola Wealth Management LTD. Boosts Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Nicola Wealth Management LTD. increased its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 15.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,305 shares of the real estate investment trust’s stock after acquiring an additional 4,100 shares during the period. Nicola Wealth Management LTD.’s holdings in CareTrust REIT were worth $935,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Newbridge Financial Services Group Inc. purchased a new stake in shares of CareTrust REIT during the 2nd quarter worth approximately $27,000. Rothschild Investment LLC purchased a new position in shares of CareTrust REIT in the second quarter worth about $34,000. Blue Trust Inc. lifted 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 acquiring an additional 772 shares during the period. Quest Partners LLC purchased a new stake in CareTrust REIT in the second quarter valued at $40,000. Finally, GAMMA Investing LLC grew its stake in shares of CareTrust REIT by 187.7% during the 2nd quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 1,143 shares during the period. Institutional investors own 87.77% of the company’s stock.

Insider Activity

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 transaction of $1,043,000.00. Following the sale, the chief financial officer now owns 257,439 shares in the company, 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 SEC, which is available through this link. Insiders own 1.75% of the company’s stock.

Wall Street Analysts Forecast Growth

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

CareTrust REIT Stock Performance

Shares of NASDAQ CTRE traded down $0.14 during mid-day trading on Thursday, hitting $30.23. 153,104 shares of the company were exchanged, compared to its average volume of 1,537,719. CareTrust REIT, Inc. has a 1-year low of $20.10 and a 1-year high of $33.15. The firm has a market cap of $5.18 billion, a price-to-earnings ratio of 42.19 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 stock has a 50 day simple moving average of $30.74 and a 200-day simple moving average of $27.87.

CareTrust REIT (NASDAQ:CTRE) last posted 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). 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 during the quarter, compared to analyst estimates of $74.12 million. During the same period last year, the company posted $0.35 EPS. On average, sell-side analysts forecast that CareTrust REIT, Inc. will post 1.5 EPS for the current fiscal year.

CareTrust REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders 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 dividend yield of 3.84%. CareTrust REIT’s payout ratio is currently 161.11%.

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.