Norges Bank Acquires New Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Norges Bank bought a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,226,626 shares of the real estate investment trust's stock, valued at approximately $33,180,000. Norges Bank owned 0.72% of CareTrust REIT at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Signaturefd LLC lifted its position in shares of CareTrust REIT by 20.3% during the fourth quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust's stock worth $71,000 after purchasing an additional 443 shares in the last quarter. WealthShield Partners LLC lifted its position in shares of CareTrust REIT by 1.0% during the fourth quarter. WealthShield Partners LLC now owns 49,119 shares of the real estate investment trust's stock worth $1,343,000 after purchasing an additional 490 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of CareTrust REIT by 3.2% during the third quarter. Quantinno Capital Management LP now owns 17,097 shares of the real estate investment trust's stock worth $528,000 after purchasing an additional 533 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of CareTrust REIT by 4.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,384 shares of the real estate investment trust's stock worth $308,000 after purchasing an additional 534 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of CareTrust REIT by 50.0% during the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 603 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

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CareTrust REIT Stock Up 0.2 %

CTRE stock traded up $0.05 during midday trading on Thursday, reaching $27.46. 111,060 shares of the company were exchanged, compared to its average volume of 1,843,802. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The company has a market cap of $5.15 billion, a price-to-earnings ratio of 34.76, a price-to-earnings-growth ratio of 1.25 and a beta of 0.88. The stock's 50-day simple moving average is $27.04 and its 200 day simple moving average is $28.40. CareTrust REIT, Inc. has a 1-year low of $23.26 and a 1-year high of $33.15.

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 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. On average, equities 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 announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.335 per share. The ex-dividend date is Monday, March 31st. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.88%. CareTrust REIT's dividend payout ratio (DPR) is 169.62%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of 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 report on Friday, March 14th. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective on the stock in a report on Thursday, March 13th. Finally, Royal Bank of Canada cut their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, CareTrust REIT currently has an average rating of "Moderate Buy" and an average target price of $31.00.

CareTrust REIT Company 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.