Boothbay Fund Management LLC Acquires 32,973 Shares of CareTrust REIT, Inc. $CTRE

Key Points

• Boothbay Fund Management LLC increased its stake in CareTrust REIT by 15.5% in Q1, owning approximately 245,263 shares worth $7,010,000 as of its latest SEC filing.
• CareTrust REIT announced a quarterly dividend of $0.335 per share, representing a 4.0% yield, with a payout ratio of 111.67%.
• Wells Fargo raised CareTrust REIT's price target from $32.00 to $38.00, giving the stock an "overweight" rating, while multiple analysts suggest a positive outlook with an average target price of $33.43.

Boothbay Fund Management LLC increased its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 245,263 shares of the real estate investment trust's stock after acquiring an additional 32,973 shares during the quarter. Boothbay Fund Management LLC owned approximately 0.13% of CareTrust REIT worth $7,010,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its holdings in shares of CareTrust REIT by 217.5% during the 1st 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 during the period. Twin Tree Management LP purchased a new position in CareTrust REIT in the first quarter valued at $58,000. Glen Eagle Advisors LLC purchased a new position in CareTrust REIT in the fourth quarter valued at $56,000. GF Fund Management CO. LTD. purchased a new stake in CareTrust REIT in the fourth quarter valued at $76,000. Finally, Pandora Wealth Inc. purchased a new position in CareTrust REIT during the 1st quarter worth $120,000. Hedge funds and other institutional investors own 87.77% of the company's stock.

Wall Street Analysts Forecast Growth

CTRE has been the subject of a number of research analyst reports. Wells Fargo & Company raised their price target on CareTrust REIT from $32.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, August 27th. Raymond James Financial set a $39.00 price objective on CareTrust REIT and gave the stock a "strong-buy" rating in a research note on Tuesday, September 2nd. KeyCorp boosted their target price on shares of CareTrust REIT from $33.00 to $36.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of CareTrust REIT in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $33.43.

CareTrust REIT Stock Up 1.5%

CTRE stock traded up $0.52 during trading on Monday, reaching $34.46. 1,715,890 shares of the stock were exchanged, compared to its average volume of 1,957,153. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The firm's 50 day moving average is $32.34 and its 200 day moving average is $29.73. CareTrust REIT, Inc. has a twelve month low of $24.79 and a twelve month high of $34.92. The firm has a market cap of $7.52 billion, a P/E ratio of 43.61, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $0.335 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.34 annualized dividend and a yield of 3.9%. CareTrust REIT's payout ratio is 111.67%.

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.