Principal Financial Group Inc. lifted its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 5.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 838,306 shares of the real estate investment trust's stock after purchasing an additional 41,623 shares during the period. Principal Financial Group Inc. owned 0.49% of CareTrust REIT worth $25,870,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CWM LLC lifted its position in shares of CareTrust REIT by 16.8% during the 3rd quarter. CWM LLC now owns 3,244 shares of the real estate investment trust's stock worth $100,000 after buying an additional 467 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in 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 acquiring an additional 533 shares during the period. United Services Automobile Association boosted its position in CareTrust REIT by 5.0% in the second quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust's stock worth $282,000 after purchasing an additional 540 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in CareTrust REIT by 0.4% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 151,594 shares of the real estate investment trust's stock valued at $4,678,000 after purchasing an additional 544 shares during the period. Finally, Pitcairn Co. increased its position in shares of CareTrust REIT by 5.3% during the 3rd quarter. Pitcairn Co. now owns 13,440 shares of the real estate investment trust's stock valued at $415,000 after purchasing an additional 671 shares during the last quarter. 87.77% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
CTRE has been the topic of a number of research analyst reports. Wells Fargo & Company raised shares of CareTrust REIT from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. KeyCorp boosted their target price on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an "overweight" rating in a research note on Monday, October 7th. Finally, BMO Capital Markets downgraded shares of CareTrust REIT from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $34.00 to $32.00 in a research report on Monday, December 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $30.67.
View Our Latest Stock Report on CareTrust REIT
CareTrust REIT Stock Performance
NASDAQ CTRE traded up $0.17 during trading on Wednesday, hitting $27.39. 535,826 shares of the company's stock traded hands, compared to its average volume of 1,634,410. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60. The stock has a market capitalization of $4.70 billion, a price-to-earnings ratio of 38.04, a PEG ratio of 1.59 and a beta of 1.08. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $33.15. The business has a 50 day moving average of $29.97 and a 200-day moving average of $28.70.
CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.08). CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. The business had revenue of $77.38 million for the quarter, compared to analysts' expectations of $74.12 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. As a group, equities research analysts anticipate that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.
CareTrust REIT Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.24%. The ex-dividend date of this dividend is Tuesday, December 31st. CareTrust REIT's payout ratio is 161.11%.
CareTrust REIT Profile
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Free Report)
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.
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