Short Interest in CareTrust REIT, Inc. (NYSE:CTRE) Declines By 54.8%

CareTrust REIT, Inc. (NYSE:CTRE) saw a large decline in short interest during the month of April. As of April 30th, there was short interest totaling 7,216,091 shares, a decline of 54.8% from the April 15th total of 15,969,637 shares. Approximately 3.1% of the shares of the company are short sold. Based on an average daily volume of 2,063,271 shares, the short-interest ratio is presently 3.5 days.

CareTrust REIT Stock Performance

Shares of CTRE stock traded down $0.81 during trading hours on Friday, hitting $41.13. The company’s stock had a trading volume of 1,714,496 shares, compared to its average volume of 2,036,872. The company has a 50 day moving average of $39.10 and a 200 day moving average of $37.95. The stock has a market cap of $9.72 billion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 2.72 and a beta of 0.77. The company has a current ratio of 2.38, a quick ratio of 2.37 and a debt-to-equity ratio of 0.22. CareTrust REIT has a 12-month low of $27.81 and a 12-month high of $43.08.

CareTrust REIT (NYSE:CTRE) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.47 by $0.03. The business had revenue of $134.86 million for the quarter. CareTrust REIT had a net margin of 64.10% and a return on equity of 8.65%. On average, sell-side analysts forecast that CareTrust REIT will post 2 EPS for the current fiscal year.

CareTrust REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were issued a $0.39 dividend. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.56 annualized dividend and a dividend yield of 3.8%. CareTrust REIT’s payout ratio is currently 85.90%.

Wall Street Analysts Forecast Growth

CTRE has been the topic of several research analyst reports. Cantor Fitzgerald boosted their target price on shares of CareTrust REIT from $37.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 17th. Zacks Research downgraded shares of CareTrust REIT from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 25th. Citizens Jmp initiated coverage on shares of CareTrust REIT in a research report on Thursday, January 22nd. They set a “market outperform” rating and a $44.00 target price on the stock. UBS Group boosted their target price on shares of CareTrust REIT from $44.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, February 18th. Finally, Mizuho initiated coverage on shares of CareTrust REIT in a research report on Thursday, April 2nd. They set an “outperform” rating and a $42.00 target price on the stock. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $42.82.

Hedge Funds Weigh In On CareTrust REIT

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of CareTrust REIT by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 33,184,181 shares of the company’s stock valued at $1,199,940,000 after purchasing an additional 210,965 shares during the period. State Street Corp lifted its stake in shares of CareTrust REIT by 1.8% in the 4th quarter. State Street Corp now owns 12,426,213 shares of the company’s stock valued at $453,411,000 after purchasing an additional 219,641 shares during the period. Wellington Management Group LLP lifted its stake in shares of CareTrust REIT by 18.1% in the 4th quarter. Wellington Management Group LLP now owns 12,355,966 shares of the company’s stock valued at $446,792,000 after purchasing an additional 1,893,143 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in shares of CareTrust REIT by 108.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,493,898 shares of the company’s stock valued at $234,820,000 after purchasing an additional 3,379,732 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of CareTrust REIT by 7.2% in the 4th quarter. Geode Capital Management LLC now owns 6,092,398 shares of the company’s stock valued at $220,332,000 after purchasing an additional 409,411 shares during the period. 87.77% of the stock is currently owned by institutional investors and hedge funds.

About CareTrust REIT

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.