Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 6.5% in the 3rd quarter, Holdings Channel reports. The firm owned 55,491 shares of the real estate investment trust’s stock after buying an additional 3,365 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in CareTrust REIT were worth $1,712,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CTRE. Price T Rowe Associates Inc. MD raised its holdings in shares of CareTrust REIT by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 68,534 shares of the real estate investment trust’s stock valued at $1,671,000 after purchasing an additional 9,112 shares during the last quarter. California State Teachers Retirement System raised its position in CareTrust REIT by 13.4% in the first quarter. California State Teachers Retirement System now owns 119,214 shares of the real estate investment trust’s stock worth $2,905,000 after acquiring an additional 14,100 shares during the period. DekaBank Deutsche Girozentrale raised its position in CareTrust REIT by 29.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 81,719 shares of the real estate investment trust’s stock worth $1,942,000 after acquiring an additional 18,607 shares during the period. GAMMA Investing LLC raised its position in 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 acquiring an additional 1,143 shares during the period. Finally, Manning & Napier Advisors LLC bought a new position in CareTrust REIT in the second quarter worth approximately $4,764,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Royal Bank of Canada increased their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. KeyCorp increased their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, BMO Capital Markets increased their price target on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

CareTrust REIT Stock Up 0.9 %

Shares of CTRE stock opened at $29.42 on Thursday. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of 40.86 and a beta of 1.07. CareTrust REIT, Inc. has a one year low of $20.10 and a one year high of $33.15. The company’s fifty day moving average price is $30.58 and its 200-day moving average price is $28.42. 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 (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). The company had revenue of $77.38 million for the quarter, compared to analysts’ expectations 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 previous year, the business posted $0.35 earnings per share. Sell-side analysts expect that CareTrust REIT, Inc. will post 1.5 EPS for the current fiscal year.

CareTrust REIT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.29 per share. The ex-dividend date was Monday, September 30th. This represents a $1.16 annualized dividend and a yield of 3.94%. CareTrust REIT’s payout ratio is 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.