Cornercap Investment Counsel Inc. Sells 19,824 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Cornercap Investment Counsel Inc. reduced its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 51.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 18,600 shares of the real estate investment trust’s stock after selling 19,824 shares during the period. Cornercap Investment Counsel Inc.’s holdings in CareTrust REIT were worth $574,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. bought a new stake in CareTrust REIT during the 2nd quarter worth approximately $27,000. Rothschild Investment LLC bought a new stake in CareTrust REIT during the 2nd quarter worth approximately $34,000. Blue Trust Inc. increased its holdings 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 purchasing an additional 772 shares in the last quarter. Quest Partners LLC bought a new stake in CareTrust REIT during the 2nd quarter worth approximately $40,000. Finally, GAMMA Investing LLC increased its holdings in 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 in the last quarter. 87.77% of the stock is owned by institutional investors.

Insider Activity at CareTrust REIT

In related 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 transaction, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. This represents a 11.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.75% of the stock is owned by company insiders.

CareTrust REIT Stock Performance

CTRE stock opened at $30.35 on Friday. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $33.15. 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 business has a 50 day moving average of $30.75 and a 200-day moving average of $27.92. The firm has a market cap of $5.20 billion, a PE ratio of 42.15 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings data 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 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 analysts’ expectations of $74.12 million. During the same quarter in the previous year, the company posted $0.35 EPS. As a group, sell-side analysts expect that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.29 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.16 annualized dividend and a yield of 3.82%. CareTrust REIT’s payout ratio is 161.11%.

Analysts Set New Price Targets

A number of analysts have commented on CTRE shares. BMO Capital Markets boosted their price objective on CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Royal Bank of Canada upped their target price on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. KeyCorp upped their target price 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 raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

CareTrust REIT Company 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.