OVERSEA CHINESE BANKING Corp Ltd Trims Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

OVERSEA CHINESE BANKING Corp Ltd decreased its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 22.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 117,673 shares of the real estate investment trust's stock after selling 33,921 shares during the period. OVERSEA CHINESE BANKING Corp Ltd owned about 0.07% of CareTrust REIT worth $3,183,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Advantage Trust Co purchased a new stake in shares of CareTrust REIT during the 4th quarter worth $30,000. Versant Capital Management Inc lifted its position in shares of CareTrust REIT by 98.8% during the fourth quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust's stock valued at $40,000 after buying an additional 743 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of CareTrust REIT by 50.0% in the 4th quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust's stock valued at $49,000 after buying an additional 603 shares in the last quarter. Loomis Sayles & Co. L P boosted its holdings in shares of CareTrust REIT by 5,527.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,026 shares of the real estate investment trust's stock valued at $63,000 after buying an additional 1,990 shares in the last quarter. Finally, Signaturefd LLC raised its stake in shares of CareTrust REIT by 20.3% during the 4th quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust's stock worth $71,000 after acquiring an additional 443 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

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Analysts Set New Price Targets

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

CareTrust REIT Price Performance

CTRE traded up $0.34 on Monday, reaching $28.98. 1,414,000 shares of the company's stock were exchanged, compared to its average volume of 1,620,880. CareTrust REIT, Inc. has a twelve month low of $23.26 and a twelve month high of $33.15. The stock has a market cap of $5.44 billion, a PE ratio of 36.69, a P/E/G ratio of 1.25 and a beta of 1.11. 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 stock's fifty day moving average price is $26.66 and its 200-day moving average price is $28.63.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last issued its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share 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 firm earned $0.25 EPS. Sell-side analysts expect that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.335 dividend. The ex-dividend date is Monday, March 31st. This is an increase 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 4.62%. CareTrust REIT's dividend payout ratio (DPR) is 169.62%.

About CareTrust REIT

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.