Maryland State Retirement & Pension System Raises Stock Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Maryland State Retirement & Pension System increased its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 21.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,082 shares of the real estate investment trust's stock after buying an additional 11,007 shares during the period. Maryland State Retirement & Pension System's holdings in CareTrust REIT were worth $1,706,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CTRE. KBC Group NV increased its stake in shares of CareTrust REIT by 32.6% in the 3rd quarter. KBC Group NV now owns 3,534 shares of the real estate investment trust's stock worth $109,000 after acquiring an additional 869 shares in the last quarter. CIBC Asset Management Inc purchased a new position in shares of CareTrust REIT during the third quarter valued at approximately $238,000. Swiss National Bank boosted its position in shares of CareTrust REIT by 4.4% in the 3rd quarter. Swiss National Bank now owns 277,349 shares of the real estate investment trust's stock worth $8,559,000 after purchasing an additional 11,800 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of CareTrust REIT in the 3rd quarter worth approximately $1,212,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in CareTrust REIT during the 3rd quarter valued at approximately $1,110,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

CareTrust REIT Stock Performance

CareTrust REIT stock traded down $0.16 during midday trading on Wednesday, reaching $28.67. 1,063,071 shares of the company traded hands, compared to its average volume of 1,618,262. 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 $23.26 and a 12 month high of $33.15. The firm has a market capitalization of $5.38 billion, a price-to-earnings ratio of 36.29, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11. The business has a 50 day moving average of $26.75 and a two-hundred day moving average of $28.62.

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CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced its 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 in the previous year, the firm earned $0.25 earnings per share. As a group, research analysts predict that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 4.67%. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Monday, March 31st. CareTrust REIT's dividend payout ratio is currently 169.62%.

Analyst Upgrades and Downgrades

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