30,400 Shares in CareTrust REIT, Inc. (NASDAQ:CTRE) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 30,400 shares of the real estate investment trust’s stock, valued at approximately $830,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Wellington Management Group LLP lifted its position in CareTrust REIT by 5.5% in the 3rd quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock valued at $394,948,000 after acquiring an additional 670,348 shares in the last quarter. State Street Corp raised its stake in shares of CareTrust REIT by 6.7% in the 3rd quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust’s stock valued at $259,255,000 after purchasing an additional 520,783 shares during the period. JPMorgan Chase & Co. lifted its holdings 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 valued at $212,267,000 after purchasing an additional 5,448,904 shares in the last quarter. FMR LLC boosted its position in shares of CareTrust REIT by 209.9% during the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after buying an additional 3,538,798 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of CareTrust REIT by 7.4% during 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 buying an additional 258,271 shares in the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CTRE shares. Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research note on Thursday, March 13th. BMO Capital Markets cut shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $34.00 to $32.00 in a report on Monday, December 9th. Wedbush reaffirmed an “underperform” rating and issued a $26.00 target price on shares of CareTrust REIT in a research report on Friday, March 14th. Wells Fargo & Company cut their price target 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. Finally, Royal Bank of Canada decreased their price objective on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, CareTrust REIT currently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

CareTrust REIT Stock Performance

Shares of CTRE opened at $28.60 on Tuesday. The company has a market cap of $5.37 billion, a PE ratio of 36.20, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11. The firm has a 50-day moving average of $26.90 and a 200-day moving average of $28.57. CareTrust REIT, Inc. has a one year low of $23.26 and a one year high of $33.15. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates 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 last year, the company posted $0.25 EPS. As a group, equities analysts forecast that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.335 per share. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.34 annualized dividend and a yield of 4.69%. CareTrust REIT’s dividend payout ratio (DPR) is currently 169.62%.

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.