Oppenheimer Asset Management Inc. Takes $284,000 Position in CareTrust REIT, Inc. $CTRE

Oppenheimer Asset Management Inc. acquired a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,265 shares of the real estate investment trust’s stock, valued at approximately $284,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Parallel Advisors LLC increased its position in shares of 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 valued at $34,000 after buying an additional 575 shares in the last quarter. Twin Tree Management LP purchased a new stake in shares of CareTrust REIT in the first quarter valued at approximately $58,000. Private Trust Co. NA increased its position in shares of CareTrust REIT by 1,328.3% in the second quarter. Private Trust Co. NA now owns 2,828 shares of the real estate investment trust’s stock valued at $87,000 after buying an additional 2,630 shares in the last quarter. CWM LLC increased its position in shares of CareTrust REIT by 47.6% in the second quarter. CWM LLC now owns 2,955 shares of the real estate investment trust’s stock valued at $90,000 after buying an additional 953 shares in the last quarter. Finally, GF Fund Management CO. LTD. increased its position in shares of 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 valued at $101,000 after buying an additional 746 shares in the last quarter. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CTRE has been the subject of a number of recent analyst reports. 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. 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. 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 objective for the company. KeyCorp increased their price objective on 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 reissued an “outperform” rating on shares of CareTrust REIT in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, CareTrust REIT has an average rating of “Moderate Buy” and an average target price of $33.88.

CareTrust REIT Stock Performance

NASDAQ CTRE opened at $34.71 on Monday. The stock’s fifty day moving average is $34.37 and its two-hundred day moving average is $31.71. The firm has a market capitalization of $7.57 billion, a P/E ratio of 43.93, a price-to-earnings-growth ratio of 1.25 and a beta of 0.82. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. CareTrust REIT, Inc. has a fifty-two week low of $24.79 and a fifty-two week high of $35.81.

CareTrust REIT Dividend Announcement

The business also recently disclosed 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 yield of 3.9%. CareTrust REIT’s payout ratio is 111.67%.

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.