Franklin Resources Inc. Buys 1,318 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Franklin Resources Inc. boosted its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 2.3% in the third quarter, HoldingsChannel reports. The firm owned 58,065 shares of the real estate investment trust’s stock after acquiring an additional 1,318 shares during the period. Franklin Resources Inc.’s holdings in CareTrust REIT were worth $1,754,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CTRE. Newbridge Financial Services Group Inc. acquired a new position in CareTrust REIT in the second quarter valued at about $27,000. Rothschild Investment LLC acquired a new position in CareTrust REIT in the second quarter valued at about $34,000. Blue Trust Inc. grew its stake in CareTrust REIT by 178.3% in the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 772 shares during the period. Quest Partners LLC acquired a new position in CareTrust REIT in the second quarter valued at about $40,000. Finally, Loomis Sayles & Co. L P grew its stake in CareTrust REIT by 5,527.8% in the third quarter. Loomis Sayles & Co. L P now owns 2,026 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 1,990 shares during the period. Institutional investors own 87.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CTRE. Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. KeyCorp upped their price objective on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $34.00 to $32.00 in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.67.

CareTrust REIT Price Performance

NASDAQ:CTRE opened at $27.06 on Friday. 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’s 50 day moving average price is $29.84 and its two-hundred day moving average price is $28.68. The firm has a market capitalization of $4.64 billion, a price-to-earnings ratio of 37.58, a P/E/G ratio of 1.59 and a beta of 1.07. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.08). The business had revenue of $77.38 million during the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same quarter in the prior year, the company earned $0.35 EPS. On average, analysts anticipate that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.29%. CareTrust REIT’s dividend payout ratio (DPR) is currently 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.