Resona Asset Management Co. Ltd. Makes New Investment in CareTrust REIT, Inc. (NASDAQ:CTRE)

Resona Asset Management Co. Ltd. acquired a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 86,563 shares of the real estate investment trust's stock, valued at approximately $2,342,000. Resona Asset Management Co. Ltd. owned 0.05% of CareTrust REIT at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in CareTrust REIT by 18.5% in 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 acquiring an additional 4,263,097 shares during the period. State Street Corp grew its position in shares of CareTrust REIT by 6.7% in the third quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust's stock valued at $259,255,000 after purchasing an additional 520,783 shares during the last quarter. JPMorgan Chase & Co. increased 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 worth $212,267,000 after purchasing an additional 5,448,904 shares during the period. Geode Capital Management LLC increased its stake in shares of CareTrust REIT by 23.8% during the fourth quarter. Geode Capital Management LLC now owns 4,620,274 shares of the real estate investment trust's stock worth $125,006,000 after purchasing an additional 887,665 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in CareTrust REIT by 24.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,891,679 shares of the real estate investment trust's stock worth $78,220,000 after purchasing an additional 568,634 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company's stock.

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CareTrust REIT Price Performance

Shares of NASDAQ CTRE traded up $0.06 during mid-day trading on Tuesday, reaching $28.31. The company had a trading volume of 182,800 shares, compared to its average volume of 1,754,786. The firm has a market cap of $5.31 billion, a price-to-earnings ratio of 35.78, a PEG ratio of 1.25 and a beta of 0.88. The business's 50-day simple moving average is $27.12 and its 200 day simple moving average is $28.33. CareTrust REIT, Inc. has a one year low of $23.26 and a one year high of $33.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 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 quarter in the prior year, the business earned $0.25 earnings per share. On average, research analysts predict that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The firm 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 dividend of $0.335 per share. The ex-dividend date of this dividend is Monday, March 31st. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a yield of 4.73%. CareTrust REIT's dividend payout ratio is presently 169.62%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Deutsche Bank Aktiengesellschaft raised 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. Wedbush restated an "underperform" rating and issued a $26.00 price target on shares of CareTrust REIT in a research note 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 for the company in a research note on Monday, March 10th. 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 for the company 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 given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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.