CANADA LIFE ASSURANCE Co Grows Stock Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

CANADA LIFE ASSURANCE Co increased its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 21.2% in the 4th quarter, Holdings Channel reports. The firm owned 406,137 shares of the real estate investment trust’s stock after purchasing an additional 71,028 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in CareTrust REIT were worth $10,976,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in shares of CareTrust REIT by 381.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock worth $212,267,000 after purchasing an additional 5,448,904 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in CareTrust REIT by 5.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust’s stock worth $67,784,000 after buying an additional 126,280 shares during the last quarter. Tidal Investments LLC purchased a new stake in CareTrust REIT in the 3rd quarter valued at $576,000. Rhumbline Advisers increased its stake in shares of CareTrust REIT by 26.9% in the 4th quarter. Rhumbline Advisers now owns 572,664 shares of the real estate investment trust’s stock worth $15,491,000 after acquiring an additional 121,328 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of CareTrust REIT by 24.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,891,679 shares of the real estate investment trust’s stock worth $78,220,000 after acquiring an additional 568,634 shares during the period. 87.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on CTRE. Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Thursday, March 13th. Wedbush reaffirmed an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. Wells Fargo & Company lowered their price objective on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Finally, Royal Bank of Canada reduced their target price on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, CareTrust REIT has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

CareTrust REIT Trading Down 2.2 %

CTRE opened at $28.11 on Tuesday. CareTrust REIT, Inc. has a 52 week low of $23.26 and a 52 week high of $33.15. 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 has a fifty day simple moving average of $27.37 and a 200-day simple moving average of $28.25. The firm has a market cap of $5.28 billion, a P/E ratio of 35.58, a P/E/G ratio of 1.25 and a beta of 0.88.

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 (EPS) 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 business earned $0.25 EPS. On average, equities analysts expect that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.335 dividend. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.29. The ex-dividend date was Monday, March 31st. This represents a $1.34 annualized dividend and a dividend yield of 4.77%. CareTrust REIT’s payout ratio is 169.62%.

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.