Arizona State Retirement System Buys 3,848 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Arizona State Retirement System increased its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 9.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 44,753 shares of the real estate investment trust’s stock after purchasing an additional 3,848 shares during the period. Arizona State Retirement System’s holdings in CareTrust REIT were worth $1,211,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Wellington Management Group LLP increased its position in shares of CareTrust REIT by 5.5% in the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock worth $394,948,000 after purchasing an additional 670,348 shares during the period. State Street Corp increased 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 worth $259,255,000 after purchasing an additional 520,783 shares during the period. JPMorgan Chase & Co. increased its position in shares of CareTrust REIT by 381.2% in 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. FMR LLC increased its position in shares of CareTrust REIT by 209.9% in the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after purchasing an additional 3,538,798 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of 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 worth $115,209,000 after purchasing an additional 258,271 shares during the period. Institutional investors own 87.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on CTRE shares. Wells Fargo & Company decreased their price target on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $34.00 to $32.00 in a research report on Monday, December 9th. Wedbush cut CareTrust REIT from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $34.00 to $26.00 in a research report on Thursday, January 2nd. Finally, Royal Bank of Canada decreased their target price on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. One equities 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $30.33.

CareTrust REIT Stock Performance

Shares of CTRE stock opened at $26.97 on Thursday. The business’s 50-day moving average price is $26.37 and its 200-day moving average price is $28.70. CareTrust REIT, Inc. has a 12 month low of $23.26 and a 12 month high of $33.15. The firm has a market capitalization of $5.06 billion, a price-to-earnings ratio of 34.14, 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.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates 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 period last year, the business earned $0.25 EPS. Equities research analysts forecast that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date was Tuesday, December 31st. CareTrust REIT’s payout ratio is 146.84%.

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.