CareTrust REIT, Inc. $CTRE Stake Raised by Meritage Portfolio Management

Meritage Portfolio Management boosted its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE) by 703.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 196,456 shares of the real estate investment trust’s stock after acquiring an additional 172,005 shares during the quarter. Meritage Portfolio Management owned about 0.10% of CareTrust REIT worth $6,012,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Parallel Advisors LLC raised its position in CareTrust REIT by 109.5% in the second quarter. Parallel Advisors LLC now owns 1,100 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 575 shares in the last quarter. Fifth Third Bancorp raised its position in CareTrust REIT by 217.5% in the first quarter. Fifth Third Bancorp now owns 1,978 shares of the real estate investment trust’s stock worth $57,000 after acquiring an additional 1,355 shares in the last quarter. Twin Tree Management LP bought a new stake in CareTrust REIT in the first quarter worth about $58,000. CWM LLC raised its position in CareTrust REIT by 47.6% in the second quarter. CWM LLC now owns 2,955 shares of the real estate investment trust’s stock worth $90,000 after acquiring an additional 953 shares in the last quarter. Finally, GF Fund Management CO. LTD. raised its position in CareTrust REIT by 26.6% in the first quarter. GF Fund Management CO. LTD. now owns 3,548 shares of the real estate investment trust’s stock worth $101,000 after acquiring an additional 746 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors.

CareTrust REIT Trading Down 1.8%

NASDAQ:CTRE opened at $33.19 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. CareTrust REIT, Inc. has a fifty-two week low of $24.79 and a fifty-two week high of $35.68. The stock’s 50-day moving average is $34.07 and its two-hundred day moving average is $30.98. The stock has a market cap of $7.24 billion, a PE ratio of 42.01, a price-to-earnings-growth ratio of 1.25 and a beta of 0.82.

CareTrust REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, September 30th. CareTrust REIT’s payout ratio is 111.67%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CTRE. Raymond James Financial set a $39.00 price target on CareTrust REIT and gave the stock a “strong-buy” rating in a research note on Tuesday, September 2nd. Royal Bank Of Canada reissued an “outperform” rating on shares of CareTrust REIT in a research note on Monday, August 11th. Cantor Fitzgerald began coverage on CareTrust REIT in a research note on Wednesday, October 1st. They issued a “neutral” rating and a $37.00 price target on the stock. Wells Fargo & Company lifted their price target on CareTrust REIT from $32.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 27th. Finally, KeyCorp lifted their price target on CareTrust REIT from $33.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, CareTrust REIT presently has an average rating of “Moderate Buy” and an average target price of $33.88.

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.