Renaissance Technologies LLC boosted its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 63.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,419,738 shares of the real estate investment trust's stock after purchasing an additional 550,900 shares during the quarter. Renaissance Technologies LLC owned approximately 0.83% of CareTrust REIT worth $38,404,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position 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 worth $212,267,000 after purchasing an additional 5,448,904 shares in the last quarter. Vanguard Group Inc. increased its position in CareTrust REIT by 18.5% during the 4th quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock valued at $738,482,000 after buying an additional 4,263,097 shares in the last quarter. FMR LLC increased its position in CareTrust REIT by 51.8% during the 4th quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust's stock valued at $214,586,000 after buying an additional 2,708,050 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in CareTrust REIT in the fourth quarter valued at about $49,048,000. Finally, Norges Bank acquired a new stake in CareTrust REIT in the fourth quarter worth about $33,180,000. 87.77% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
CTRE has been the subject of several research analyst reports. Royal Bank of Canada decreased their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. Wedbush reaffirmed an "underperform" rating and issued a $26.00 price target on shares of CareTrust REIT in a report on Friday, March 14th. Wells Fargo & Company dropped their price objective 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. Finally, Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 target price on the stock in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $31.00.
Read Our Latest Analysis on CTRE
CareTrust REIT Stock Performance
Shares of CTRE stock traded up $0.13 during trading hours on Tuesday, hitting $28.38. The company's stock had a trading volume of 618,401 shares, compared to its average volume of 1,758,868. The stock has a market cap of $5.33 billion, a PE ratio of 35.92, a price-to-earnings-growth ratio of 1.25 and a beta of 0.88. The company has a 50 day moving average of $27.12 and a 200 day moving average of $28.33. CareTrust REIT, Inc. has a 12-month low of $23.26 and a 12-month high of $33.15. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.
CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates 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 in the previous year, the business posted $0.25 EPS. On average, sell-side analysts forecast that CareTrust REIT, Inc. will post 1.71 EPS for the current fiscal year.
CareTrust REIT Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 4.72%. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date is Monday, March 31st. CareTrust REIT's payout ratio is 169.62%.
CareTrust REIT Company 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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