Summit Global Investments Acquires 3,777 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Summit Global Investments raised its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 9.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,783 shares of the real estate investment trust’s stock after purchasing an additional 3,777 shares during the quarter. Summit Global Investments’ holdings in CareTrust REIT were worth $1,238,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTRE. Advantage Trust Co bought a new stake in CareTrust REIT during the 4th quarter valued at $30,000. Versant Capital Management Inc increased its stake in CareTrust REIT by 98.8% during the 4th quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 743 shares in the last quarter. Blue Trust Inc. increased its stake in CareTrust REIT by 50.0% during the 4th quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 603 shares in the last quarter. Loomis Sayles & Co. L P increased its stake in CareTrust REIT by 5,527.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 2,026 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 1,990 shares in the last quarter. Finally, Signaturefd LLC increased its stake in CareTrust REIT by 20.3% during the 4th quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 443 shares in the last quarter. Institutional investors own 87.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CTRE. Wells Fargo & Company cut their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. Wedbush reaffirmed an “underperform” rating and set a $26.00 price objective on shares of CareTrust REIT in a report on Friday, March 14th. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Thursday, March 13th. BMO Capital Markets downgraded shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $34.00 to $32.00 in a report on Monday, December 9th. Finally, Royal Bank of Canada cut their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

CareTrust REIT Price Performance

Shares of NASDAQ:CTRE opened at $28.70 on Friday. The company’s 50-day moving average is $26.66 and its 200 day moving average is $28.64. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The company has a market capitalization of $5.39 billion, a P/E ratio of 36.33, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11. CareTrust REIT, Inc. has a fifty-two week low of $23.26 and a fifty-two week high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.12). CareTrust REIT had a return on equity of 5.59% and a net margin of 42.22%. During the same quarter in the previous year, the company earned $0.25 earnings per share. On average, equities research analysts forecast that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.335 dividend. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date is Monday, March 31st. CareTrust REIT’s payout ratio is currently 146.84%.

CareTrust REIT Company 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.