Connor Clark & Lunn Investment Management Ltd. Acquires 242,897 Shares of CareTrust REIT, Inc. $CTRE

Connor Clark & Lunn Investment Management Ltd. increased its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE) by 1,119.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 264,592 shares of the real estate investment trust’s stock after purchasing an additional 242,897 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.14% of CareTrust REIT worth $8,097,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in CTRE. Parallel Advisors LLC grew its stake in shares of CareTrust REIT by 109.5% during the second quarter. Parallel Advisors LLC now owns 1,100 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 575 shares during the last quarter. Twin Tree Management LP bought a new stake in shares of CareTrust REIT in the 1st quarter valued at about $58,000. Private Trust Co. NA lifted its stake in shares of CareTrust REIT by 1,328.3% in the 2nd quarter. Private Trust Co. NA now owns 2,828 shares of the real estate investment trust’s stock valued at $87,000 after acquiring an additional 2,630 shares during the last quarter. CWM LLC boosted its holdings in CareTrust REIT by 47.6% during the 2nd quarter. CWM LLC now owns 2,955 shares of the real estate investment trust’s stock valued at $90,000 after acquiring an additional 953 shares during the period. Finally, Bessemer Group Inc. grew its position in CareTrust REIT by 801.1% during the 2nd quarter. Bessemer Group Inc. now owns 3,307 shares of the real estate investment trust’s stock worth $101,000 after acquiring an additional 2,940 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Raymond James Financial set a $39.00 price objective on CareTrust REIT and gave the company a “strong-buy” rating in a research report on Tuesday, September 2nd. Cantor Fitzgerald started coverage on shares of CareTrust REIT in a research note on Wednesday, October 1st. They issued a “neutral” rating and a $37.00 target price on the stock. Royal Bank Of Canada increased their price target on shares of CareTrust REIT from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday. KeyCorp boosted their price target on CareTrust REIT from $33.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, August 14th. Finally, Wells Fargo & Company increased their price objective on CareTrust REIT from $32.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

CareTrust REIT Price Performance

Shares of CTRE stock opened at $36.26 on Thursday. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The business’s fifty day moving average is $34.64 and its 200 day moving average is $32.11. The stock has a market cap of $8.10 billion, a price-to-earnings ratio of 45.90, a PEG ratio of 1.25 and a beta of 0.81. CareTrust REIT, Inc. has a twelve month low of $24.79 and a twelve month high of $37.19.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a dividend of $0.335 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 3.7%. CareTrust REIT’s dividend payout ratio (DPR) is currently 100.00%.

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.