Convergence Investment Partners LLC Increases Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Convergence Investment Partners LLC raised its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 57.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,661 shares of the real estate investment trust's stock after buying an additional 10,772 shares during the quarter. Convergence Investment Partners LLC's holdings in CareTrust REIT were worth $802,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of CareTrust REIT by 381.2% during the third 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 in the last quarter. Eagle Asset Management Inc. lifted its position in shares of CareTrust REIT by 22.4% during the third quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust's stock worth $13,264,000 after purchasing an additional 78,560 shares in the last quarter. Raymond James & Associates lifted its position in shares of CareTrust REIT by 10.6% during the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust's stock worth $21,138,000 after purchasing an additional 65,756 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of CareTrust REIT during the third quarter worth about $7,475,000. Finally, Principal Financial Group Inc. lifted its position in shares of CareTrust REIT by 5.2% during the third quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust's stock worth $25,870,000 after purchasing an additional 41,623 shares in the last quarter. Institutional investors and hedge funds own 87.77% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Royal Bank of Canada reduced their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a research report on Friday. Wedbush lowered shares of CareTrust REIT from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $34.00 to $26.00 in a research note on Thursday, January 2nd. Finally, BMO Capital Markets lowered shares of CareTrust REIT from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $30.83.

CareTrust REIT Stock Down 2.8 %

Shares of CTRE stock traded down $0.73 during trading hours on Friday, reaching $24.90. 1,829,310 shares of the stock were exchanged, compared to its average volume of 1,787,361. The business's fifty day moving average is $26.73 and its two-hundred day moving average is $28.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. CareTrust REIT, Inc. has a 12-month low of $22.46 and a 12-month high of $33.15. The firm has a market capitalization of $4.67 billion, a P/E ratio of 31.51, a P/E/G ratio of 1.25 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share 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. As a group, research analysts expect that CareTrust REIT, Inc. will post 1.71 EPS for the current fiscal year.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.29 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.16 annualized dividend and a yield of 4.66%. CareTrust REIT's dividend payout ratio is currently 146.84%.

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.