State Street Corp Purchases 520,783 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

State Street Corp increased its position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 6.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,323,360 shares of the real estate investment trust's stock after acquiring an additional 520,783 shares during the period. State Street Corp owned about 4.85% of CareTrust REIT worth $259,255,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC lifted its stake in CareTrust REIT by 209.9% during the 3rd quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust's stock valued at $161,240,000 after acquiring an additional 3,538,798 shares during the period. Charles Schwab Investment Management Inc. lifted its position in CareTrust REIT by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,323,045 shares of the real estate investment trust's stock valued at $71,689,000 after purchasing an additional 132,874 shares during the period. Dimensional Fund Advisors LP boosted its holdings in CareTrust REIT by 15.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust's stock worth $51,626,000 after purchasing an additional 281,120 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in CareTrust REIT by 344.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 951,535 shares of the real estate investment trust's stock worth $29,364,000 after purchasing an additional 737,236 shares during the last quarter. Finally, Heitman Real Estate Securities LLC purchased a new stake in CareTrust REIT during the 3rd quarter valued at $27,534,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada raised their price target on CareTrust REIT from $27.00 to $31.00 and gave the stock an "outperform" rating in a research note on Thursday, August 22nd. Wells Fargo & Company upgraded CareTrust REIT from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $28.00 to $34.00 in a research note on Tuesday, October 1st. KeyCorp increased their price objective on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock 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 dropped their price objective for the stock from $34.00 to $32.00 in a report on Monday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, CareTrust REIT presently has an average rating of "Moderate Buy" and an average price target of $30.67.

CareTrust REIT Price Performance

NASDAQ:CTRE traded down $0.29 during trading hours on Wednesday, hitting $28.54. 1,601,391 shares of the stock traded hands, compared to its average volume of 1,571,139. The company has a market cap of $4.89 billion, a price-to-earnings ratio of 40.00 and a beta of 1.08. The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average price of $30.45 and a 200 day moving average price of $28.54. CareTrust REIT, Inc. has a 1 year low of $20.10 and a 1 year high of $33.15.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing analysts' consensus estimates of $0.29 by ($0.08). The company had revenue of $77.38 million for the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same quarter in the prior year, the company posted $0.35 EPS. Sell-side analysts forecast that CareTrust REIT, Inc. will post 1.5 EPS for the current fiscal year.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.06%. The ex-dividend date was Monday, September 30th. CareTrust REIT's dividend payout ratio is presently 161.11%.

CareTrust REIT 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.