Tributary Capital Management LLC Purchases 94,755 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Tributary Capital Management LLC raised its position in CareTrust REIT, Inc. (NASDAQ:CTRE) by 21.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 537,726 shares of the real estate investment trust’s stock after acquiring an additional 94,755 shares during the period. Tributary Capital Management LLC owned approximately 0.38% of CareTrust REIT worth $16,594,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of CTRE. AlphaMark Advisors LLC increased its stake in CareTrust REIT by 177.2% during the 1st quarter. AlphaMark Advisors LLC now owns 10,050 shares of the real estate investment trust’s stock valued at $245,000 after purchasing an additional 6,425 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of CareTrust REIT by 4.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,946 shares of the real estate investment trust’s stock worth $559,000 after acquiring an additional 895 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in CareTrust REIT by 6.8% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 146,936 shares of the real estate investment trust’s stock valued at $3,581,000 after acquiring an additional 9,350 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in CareTrust REIT by 13.2% during the 1st quarter. State of Alaska Department of Revenue now owns 136,216 shares of the real estate investment trust’s stock valued at $3,318,000 after purchasing an additional 15,853 shares during the last quarter. Finally, Maryland State Retirement & Pension System increased its holdings in CareTrust REIT by 8.6% during the 1st quarter. Maryland State Retirement & Pension System now owns 47,025 shares of the real estate investment trust’s stock worth $1,102,000 after purchasing an additional 3,735 shares in the last quarter. 87.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft lifted their target price on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st. BMO Capital Markets raised their price target on shares of CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Royal Bank of Canada increased their price target on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. Finally, KeyCorp increased their price target 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 equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $31.00.

CareTrust REIT Price Performance

CTRE opened at $30.93 on Monday. The company has a market capitalization of $4.39 billion, a price-to-earnings ratio of 59.48 and a beta of 1.10. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $30.24 and a 200-day moving average price of $27.22. CareTrust REIT, Inc. has a twelve month low of $20.10 and a twelve month high of $31.51.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.29). CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. The company had revenue of $68.89 million during the quarter, compared to the consensus estimate of $66.36 million. During the same period in the previous year, the business earned $0.35 earnings per share. Equities analysts expect that CareTrust REIT, Inc. will post 1.48 EPS for the current year.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.75%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s payout ratio is 223.08%.

Insider Buying and Selling

In other news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction on Wednesday, September 4th. The shares were 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 of the company’s stock, valued at $7,671,682.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.75% of the stock is owned by company insiders.

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.