Principal Financial Group Inc. Grows Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Principal Financial Group Inc. grew its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 5.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 838,306 shares of the real estate investment trust’s stock after purchasing an additional 41,623 shares during the period. Principal Financial Group Inc.’s holdings in CareTrust REIT were worth $25,870,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CTRE. CWM LLC increased its position in CareTrust REIT by 16.8% during the 3rd quarter. CWM LLC now owns 3,244 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 467 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of CareTrust REIT by 3.2% during the third quarter. Quantinno Capital Management LP now owns 17,097 shares of the real estate investment trust’s stock valued at $528,000 after acquiring an additional 533 shares in the last quarter. United Services Automobile Association grew its position in CareTrust REIT by 5.0% during the 2nd quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust’s stock worth $282,000 after purchasing an additional 540 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of CareTrust REIT by 0.4% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 151,594 shares of the real estate investment trust’s stock valued at $4,678,000 after acquiring an additional 544 shares during the period. Finally, Pitcairn Co. raised its stake in CareTrust REIT by 5.3% in the 3rd quarter. Pitcairn Co. now owns 13,440 shares of the real estate investment trust’s stock worth $415,000 after acquiring an additional 671 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Stock Performance

Shares of CTRE stock opened at $27.39 on Wednesday. The company has a market capitalization of $4.70 billion, a P/E ratio of 38.04, a P/E/G ratio of 1.59 and a beta of 1.08. CareTrust REIT, Inc. has a 12-month low of $20.10 and a 12-month high of $33.15. The business’s 50 day moving average is $29.97 and its two-hundred day moving average is $28.70. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). The company had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same period in the prior year, the business posted $0.35 EPS. Analysts expect that CareTrust REIT, Inc. will post 1.5 EPS for the current fiscal year.

CareTrust REIT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.29 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.16 annualized dividend and a dividend yield of 4.24%. CareTrust REIT’s dividend payout ratio (DPR) is presently 161.11%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CTRE shares. KeyCorp increased their price objective on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. BMO Capital Markets cut shares of 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 research note on Monday, December 9th. Finally, Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.67.

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.