Centersquare Investment Management LLC Sells 1,652,644 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Centersquare Investment Management LLC lessened its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 97.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,168 shares of the real estate investment trust's stock after selling 1,652,644 shares during the period. Centersquare Investment Management LLC's holdings in CareTrust REIT were worth $1,330,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in 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 valued at $212,267,000 after purchasing an additional 5,448,904 shares during the last quarter. Geode Capital Management LLC raised its position in shares of CareTrust REIT by 7.4% in the third quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust's stock valued at $115,209,000 after buying an additional 258,271 shares during the last quarter. Bank of New York Mellon Corp grew its stake in CareTrust REIT by 5.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust's stock valued at $67,784,000 after acquiring an additional 126,280 shares in the last quarter. Tidal Investments LLC acquired a new stake in CareTrust REIT in the 3rd quarter valued at about $576,000. Finally, Rhumbline Advisers lifted its stake in CareTrust REIT by 26.9% in the 4th quarter. Rhumbline Advisers now owns 572,664 shares of the real estate investment trust's stock worth $15,491,000 after purchasing an additional 121,328 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

Remove Ads

CareTrust REIT Stock Performance

NASDAQ CTRE traded down $0.05 during trading hours on Wednesday, hitting $26.60. 328,487 shares of the stock were exchanged, compared to its average volume of 1,743,933. The stock has a 50-day moving average of $27.00 and a 200 day moving average of $28.43. CareTrust REIT, Inc. has a 12-month low of $23.26 and a 12-month high of $33.15. The company has a market cap of $4.99 billion, a price-to-earnings ratio of 33.68, a price-to-earnings-growth ratio of 1.25 and a beta of 0.88. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its quarterly 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 return on equity of 5.59% and a net margin of 42.22%. During the same period last year, the company posted $0.25 EPS. As a group, equities research analysts forecast that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a yield of 5.04%. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Monday, March 31st. CareTrust REIT's payout ratio is 169.62%.

Analysts Set New Price Targets

CTRE has been the subject of several recent analyst reports. Wells Fargo & Company cut their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective for the company in a research report on Thursday, March 13th. Wedbush reaffirmed an "underperform" rating and issued a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. Finally, Royal Bank of Canada decreased their target price 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, February 21st. 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's stock. Based on data from MarketBeat.com, CareTrust REIT has a consensus rating of "Moderate Buy" and a consensus target price 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.