QSV Equity Investors LLC Makes New Investment in CareTrust REIT, Inc. (NASDAQ:CTRE)

QSV Equity Investors LLC purchased a new position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 57,514 shares of the real estate investment trust's stock, valued at approximately $1,556,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of CareTrust REIT by 381.2% during the third quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust's stock valued at $212,267,000 after acquiring an additional 5,448,904 shares in the last quarter. Geode Capital Management LLC raised its position in CareTrust REIT by 7.4% during the 3rd 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 purchasing an additional 258,271 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of CareTrust REIT by 5.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust's stock worth $67,784,000 after buying an additional 126,280 shares during the period. Tidal Investments LLC purchased a new stake in shares of CareTrust REIT in the 3rd quarter worth $576,000. Finally, Martingale Asset Management L P bought a new position in shares of CareTrust REIT during the 3rd quarter worth $784,000. 87.77% of the stock is owned by institutional investors.

CareTrust REIT Stock Up 0.3 %

Shares of CTRE stock traded up $0.09 during trading hours on Wednesday, reaching $28.57. 417,000 shares of the company's stock were exchanged, compared to its average volume of 1,715,234. CareTrust REIT, Inc. has a fifty-two week low of $23.26 and a fifty-two week high of $33.15. The stock's 50 day moving average is $26.92 and its 200-day moving average is $28.55. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 36.17, a P/E/G ratio of 1.25 and a beta of 0.88.

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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 net margin of 42.22% and a return on equity of 5.59%. During the same period last year, the business earned $0.25 EPS. Analysts predict that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.335 per share. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date is Monday, March 31st. This represents a $1.34 dividend on an annualized basis and a yield of 4.69%. CareTrust REIT's dividend payout ratio is presently 169.62%.

Analysts Set New Price Targets

Several brokerages have issued reports on CTRE. Royal Bank of Canada dropped their target price 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. 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. Wells Fargo & Company lowered their target price on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a report on Monday, March 10th. BMO Capital Markets downgraded CareTrust REIT from an "outperform" rating to a "market perform" rating and cut their price target for the company from $34.00 to $32.00 in a report on Monday, December 9th. Finally, Wedbush restated an "underperform" rating and set a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. One 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. According to MarketBeat, CareTrust REIT presently has an average rating of "Moderate Buy" and an average price target of $31.00.

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.