JPMorgan Chase & Co. Buys 5,448,904 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

JPMorgan Chase & Co. increased its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 381.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,878,379 shares of the real estate investment trust's stock after acquiring an additional 5,448,904 shares during the period. JPMorgan Chase & Co. owned about 4.01% of CareTrust REIT worth $212,267,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CTRE. FMR LLC grew its stake in shares of CareTrust REIT by 209.9% in the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust's stock worth $161,240,000 after acquiring an additional 3,538,798 shares during the period. Heitman Real Estate Securities LLC purchased a new stake in CareTrust REIT in the third quarter worth approximately $27,534,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in CareTrust REIT by 344.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 951,535 shares of the real estate investment trust's stock worth $29,364,000 after purchasing an additional 737,236 shares during the period. Wellington Management Group LLP raised its stake in CareTrust REIT by 5.5% during the 3rd quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust's stock valued at $394,948,000 after buying an additional 670,348 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of CareTrust REIT by 6.7% during the 3rd quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust's stock valued at $259,255,000 after buying an additional 520,783 shares during the period. 87.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on CTRE. Wells Fargo & Company raised CareTrust REIT from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. BMO Capital Markets lowered shares of CareTrust REIT from an "outperform" rating to a "market perform" rating and reduced their price target for the company from $34.00 to $32.00 in a research report on Monday, December 9th. Finally, KeyCorp raised their price objective on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an "overweight" rating in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $30.67.

CareTrust REIT Stock Performance

Shares of CTRE stock traded up $0.25 during trading hours on Tuesday, reaching $27.05. 2,530,028 shares of the company traded hands, compared to its average volume of 1,641,112. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The company has a market cap of $4.64 billion, a P/E ratio of 37.57, a P/E/G ratio of 1.59 and a beta of 1.08. The firm has a 50-day moving average price of $29.62 and a 200 day moving average price of $28.77.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.08). The firm had revenue of $77.38 million for the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same quarter in the previous year, the business posted $0.35 EPS. As a group, sell-side analysts predict that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend is Tuesday, December 31st. CareTrust REIT's dividend payout ratio is currently 161.11%.

About CareTrust REIT

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.