Vestcor Inc Acquires 59,766 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Vestcor Inc grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 44.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 193,469 shares of the real estate investment trust's stock after buying an additional 59,766 shares during the period. Vestcor Inc owned 0.11% of CareTrust REIT worth $5,233,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in CareTrust REIT by 381.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust's stock worth $212,267,000 after acquiring an additional 5,448,904 shares during the period. Eagle Asset Management Inc. grew its stake in CareTrust REIT by 22.4% during the third quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust's stock worth $13,264,000 after purchasing an additional 78,560 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in CareTrust REIT in the third quarter worth approximately $7,475,000. Geode Capital Management LLC lifted its stake in CareTrust REIT by 7.4% in the third 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 buying an additional 258,271 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of CareTrust REIT by 5.3% during 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 in the last quarter. 87.77% of the stock is currently owned by institutional investors.

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CareTrust REIT Stock Up 0.3 %

Shares of CTRE traded up $0.08 on Tuesday, reaching $28.89. The company's stock had a trading volume of 2,206,532 shares, compared to its average volume of 1,617,200. CareTrust REIT, Inc. has a twelve month low of $23.26 and a twelve month high of $33.15. The stock has a market capitalization of $5.42 billion, a PE ratio of 36.57, a PEG ratio of 1.25 and a beta of 1.11. 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 firm has a fifty day moving average of $26.47 and a 200-day moving average of $28.65.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last issued its quarterly earnings data 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 return on equity of 5.59% and a net margin of 42.22%. During the same period in the previous year, the company earned $0.25 earnings per share. Equities analysts predict that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.335 per share. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.64%. CareTrust REIT's dividend payout ratio (DPR) is presently 146.84%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CTRE. Wells Fargo & Company dropped their target price on shares of CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating on the stock in a research report on Monday, March 10th. Wedbush reissued an "underperform" rating and set a $26.00 price objective on shares of CareTrust REIT in a research report on Friday. Royal Bank of Canada decreased their target price on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. BMO Capital Markets lowered CareTrust REIT from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $34.00 to $32.00 in a report on Monday, December 9th. Finally, Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective for the company in a research note on Thursday, March 13th. One 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.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $31.00.

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.