Everence Capital Management Inc. Decreases Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Everence Capital Management Inc. cut its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 29.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,330 shares of the real estate investment trust’s stock after selling 5,130 shares during the quarter. Everence Capital Management Inc.’s holdings in CareTrust REIT were worth $334,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new stake in CareTrust REIT during the 2nd quarter valued at about $27,000. Blue Trust Inc. lifted its holdings in shares of CareTrust REIT by 178.3% during the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 772 shares during the period. Quest Partners LLC purchased a new stake in CareTrust REIT in the second quarter valued at approximately $40,000. Versant Capital Management Inc increased its holdings in CareTrust REIT by 98.8% in the 4th quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 743 shares during the period. Finally, Loomis Sayles & Co. L P raised its position in CareTrust REIT by 5,527.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 2,026 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 1,990 shares during the last quarter. 87.77% of the stock is owned by institutional investors and hedge funds.

CareTrust REIT Trading Down 1.3 %

Shares of CareTrust REIT stock opened at $26.38 on Tuesday. The firm has a 50-day simple moving average of $29.27 and a two-hundred day simple moving average of $28.81. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60. CareTrust REIT, Inc. has a fifty-two week low of $20.10 and a fifty-two week high of $33.15. The company has a market cap of $4.52 billion, a P/E ratio of 36.64, a price-to-earnings-growth ratio of 1.59 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly 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). CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. The business had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. During the same period in the previous year, the company posted $0.35 EPS. As a group, equities analysts predict that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given 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 4.40%. CareTrust REIT’s dividend payout ratio (DPR) is 161.11%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. 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. Wedbush downgraded CareTrust REIT from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $34.00 to $26.00 in a research report on Thursday, January 2nd. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $34.00 to $32.00 in a report on Monday, December 9th. Finally, Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $30.67.

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.