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

CANADA LIFE ASSURANCE Co grew its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 21.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 406,137 shares of the real estate investment trust's stock after purchasing an additional 71,028 shares during the quarter. CANADA LIFE ASSURANCE Co owned approximately 0.24% of CareTrust REIT worth $10,976,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Advantage Trust Co purchased a new stake in CareTrust REIT in the 4th quarter worth approximately $30,000. Versant Capital Management Inc grew its position in shares of 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 acquiring an additional 743 shares during the period. Blue Trust Inc. grew its position in shares of 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 acquiring an additional 603 shares during the period. Signaturefd LLC increased its stake 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 valued at $71,000 after purchasing an additional 443 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in CareTrust REIT by 24.4% in the 4th quarter. GAMMA Investing LLC now owns 4,033 shares of the real estate investment trust's stock worth $109,000 after purchasing an additional 790 shares during the period. Institutional investors own 87.77% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Royal Bank of Canada cut their price objective on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 target price for the company in a research note on Thursday, March 13th. Wells Fargo & Company decreased their price target on shares of 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, Wedbush reiterated an "underperform" rating and set a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. One 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.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.

CareTrust REIT Price Performance

CTRE traded down $0.06 on Friday, reaching $28.10. 583,442 shares of the company's stock were exchanged, compared to its average volume of 1,779,552. CareTrust REIT, Inc. has a twelve month low of $23.92 and a twelve month high of $33.15. The stock has a market cap of $5.27 billion, a PE ratio of 35.57, a P/E/G ratio of 1.25 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The stock's fifty day moving average price is $27.52 and its 200-day moving average price is $28.22.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last issued 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 return on equity of 5.59% and a net margin of 42.22%. During the same period last year, the firm earned $0.25 EPS. Sell-side analysts expect that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.335 per share. This is a boost 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 presently 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.