Edgestream Partners L.P. Makes New $445,000 Investment in CareTrust REIT, Inc. (NASDAQ:CTRE)

Edgestream Partners L.P. purchased a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 14,412 shares of the real estate investment trust’s stock, valued at approximately $445,000.

Several other hedge funds have also made changes to their positions in the company. Newbridge Financial Services Group Inc. acquired a new position in shares of CareTrust REIT in the 2nd quarter valued at about $27,000. Blue Trust Inc. grew its position in CareTrust REIT by 178.3% during the third 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 in the last quarter. Rothschild Investment LLC purchased a new stake in CareTrust REIT in the 2nd quarter worth approximately $34,000. Quest Partners LLC acquired a new stake in shares of CareTrust REIT during the 2nd quarter valued at $40,000. Finally, GAMMA Investing LLC grew its holdings 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 valued at $44,000 after acquiring an additional 1,143 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Trading Up 0.1 %

Shares of CTRE stock opened at $29.45 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 market cap of $5.05 billion, a PE ratio of 40.90 and a beta of 1.07. 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’s 50 day moving average is $30.56 and its two-hundred day moving average is $28.42.

CareTrust REIT (NASDAQ:CTRE) last posted its earnings results 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 firm 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 quarter in the previous year, the business posted $0.35 earnings per share. Equities analysts predict that CareTrust REIT, Inc. will post 1.5 EPS for the current year.

CareTrust REIT Announces Dividend

The firm 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%.

Wall Street Analysts Forecast Growth

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

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.