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

Cornercap Investment Counsel Inc. lessened its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 51.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. bought a new position in CareTrust REIT during the 2nd quarter worth $27,000. Rothschild Investment LLC bought a new position in CareTrust REIT during the 2nd quarter worth $34,000. Blue Trust Inc. increased its stake in shares of 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 last quarter. Quest Partners LLC bought a new stake in CareTrust REIT during the 2nd quarter worth $40,000. Finally, GAMMA Investing LLC grew its position 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 acquiring an additional 1,143 shares during the last quarter. Institutional investors own 87.77% of the company’s stock.

Insider Activity

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 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 approximately $7,671,682.20. This represents a 11.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.75% of the stock is owned by company insiders.

CareTrust REIT Stock Up 1.4 %

Shares of CTRE opened at $30.35 on Friday. The company has a market capitalization of $5.20 billion, a PE ratio of 42.15 and a beta of 1.09. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average price is $30.75 and its two-hundred day moving average price is $27.92. CareTrust REIT, Inc. has a 12 month low of $20.10 and a 12 month high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last announced 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 $0.29 by ($0.08). The business had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same period in the prior year, the firm earned $0.35 earnings per share. On average, analysts anticipate that CareTrust REIT, Inc. will post 1.5 EPS for the current year.

CareTrust REIT Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. 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 research report on Monday, October 7th. KeyCorp boosted their price objective on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Finally, Royal Bank of Canada lifted their target price on 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 assigned a buy rating to the stock. Based on data from MarketBeat, CareTrust REIT currently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

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.