Corebridge Financial Inc. Acquires 16,586 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Corebridge Financial Inc. boosted its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 20.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 98,926 shares of the real estate investment trust's stock after purchasing an additional 16,586 shares during the period. Corebridge Financial Inc. owned approximately 0.06% of CareTrust REIT worth $2,676,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in CareTrust REIT by 18.5% during the fourth quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock valued at $738,482,000 after buying an additional 4,263,097 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of 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 purchasing an additional 670,348 shares in the last quarter. State Street Corp grew its stake in shares of CareTrust REIT by 6.7% in the 3rd quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust's stock worth $259,255,000 after purchasing an additional 520,783 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of CareTrust REIT by 381.2% in the 3rd 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. Finally, FMR LLC lifted its stake in CareTrust REIT by 209.9% during the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust's stock valued at $161,240,000 after purchasing an additional 3,538,798 shares during the last quarter. 87.77% of the stock is owned by institutional investors.

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CareTrust REIT Stock Down 3.0 %

CareTrust REIT stock traded down $0.88 during mid-day trading on Friday, hitting $27.98. The company's stock had a trading volume of 3,984,945 shares, compared to its average volume of 1,741,841. CareTrust REIT, Inc. has a 52-week low of $23.26 and a 52-week high of $33.15. The company has a market cap of $5.25 billion, a PE ratio of 35.41, a price-to-earnings-growth 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 firm's 50 day moving average is $27.03 and its 200 day moving average is $28.52.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share (EPS) 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 earnings per share. On average, analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.335 per share. 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 4.79%. The ex-dividend date of this dividend is Monday, March 31st. CareTrust REIT's payout ratio is currently 169.62%.

Analysts Set New Price Targets

Several research analysts have issued reports on CTRE shares. Royal Bank of Canada dropped their price target on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. BMO Capital Markets lowered 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 report on Monday, December 9th. Wedbush reiterated an "underperform" rating and issued a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. Wells Fargo & Company cut their price objective on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 target price for the company in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $31.00.

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.