State of Tennessee Department of Treasury Grows Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

State of Tennessee Department of Treasury lifted its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 30.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 77,138 shares of the real estate investment trust’s stock after purchasing an additional 17,992 shares during the quarter. State of Tennessee Department of Treasury’s holdings in CareTrust REIT were worth $2,087,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Tower Research Capital LLC TRC boosted its holdings in CareTrust REIT by 99.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 19,326 shares of the real estate investment trust’s stock valued at $523,000 after acquiring an additional 9,643 shares during the period. Teachers Retirement System of The State of Kentucky boosted its holdings in CareTrust REIT by 14.4% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 165,959 shares of the real estate investment trust’s stock valued at $4,488,000 after acquiring an additional 20,844 shares during the period. Mirabella Financial Services LLP purchased a new position in CareTrust REIT during the 4th quarter valued at about $1,070,000. MetLife Investment Management LLC boosted its holdings in CareTrust REIT by 36.4% during the 4th quarter. MetLife Investment Management LLC now owns 116,827 shares of the real estate investment trust’s stock valued at $3,160,000 after acquiring an additional 31,158 shares during the period. Finally, Norinchukin Bank The raised its position in CareTrust REIT by 18.7% in the 4th quarter. Norinchukin Bank The now owns 8,280 shares of the real estate investment trust’s stock valued at $224,000 after purchasing an additional 1,306 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

A number of research firms have issued reports on CTRE. Wedbush reaffirmed an “underperform” rating and issued a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. Royal Bank of Canada reduced their price target 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. Wells Fargo & Company reduced their price target on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Finally, Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, CareTrust REIT currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

CareTrust REIT Stock Performance

Shares of CTRE opened at $28.42 on Tuesday. The company has a 50-day simple moving average of $27.57 and a 200-day simple moving average of $28.18. 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 company has a market capitalization of $5.33 billion, a PE ratio of 35.97, a P/E/G ratio of 1.25 and a beta of 0.88. CareTrust REIT, Inc. has a 52-week low of $24.35 and a 52-week high of $33.15.

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

CareTrust REIT Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.335 dividend. The ex-dividend date of this dividend was Monday, March 31st. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a dividend yield of 4.72%. CareTrust REIT’s dividend payout ratio (DPR) is currently 169.62%.

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.