Balyasny Asset Management L.P. Boosts Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Balyasny Asset Management L.P. grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 149.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,708,664 shares of the real estate investment trust’s stock after acquiring an additional 1,623,297 shares during the period. Balyasny Asset Management L.P. owned 1.58% of CareTrust REIT worth $73,269,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CTRE. Advantage Trust Co bought a new stake in CareTrust REIT during the 4th quarter valued at $30,000. Versant Capital Management Inc raised its holdings in shares of CareTrust REIT by 98.8% in the fourth quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 743 shares in the last quarter. Blue Trust Inc. lifted its stake in CareTrust REIT by 50.0% in the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 603 shares during the period. Quarry LP increased its position in CareTrust REIT by 463.5% during the 4th quarter. Quarry LP now owns 1,854 shares of the real estate investment trust’s stock valued at $50,000 after purchasing an additional 1,525 shares during the period. Finally, Signaturefd LLC lifted its position in shares of CareTrust REIT by 20.3% in the 4th quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 443 shares during the period. 87.77% of the stock is owned by hedge funds and other institutional investors.

CareTrust REIT Stock Performance

CTRE opened at $28.52 on Monday. The company has a market cap of $5.35 billion, a P/E ratio of 36.10, a price-to-earnings-growth 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. 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 firm’s 50-day moving average price is $27.86 and its 200-day moving average price is $28.14.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share (EPS) 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 period last year, the company earned $0.25 earnings per share. As a group, equities analysts anticipate that CareTrust REIT, Inc. will post 1.71 EPS for the current fiscal year.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 4.70%. The ex-dividend date was Monday, March 31st. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.29. CareTrust REIT’s dividend payout ratio is 145.65%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CTRE. Deutsche Bank Aktiengesellschaft raised 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 note on Thursday, March 13th. Wedbush restated an “underperform” rating and set a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. Wells Fargo & Company cut their target price on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Finally, Royal Bank of Canada decreased their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $31.00.

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.