Algert Global LLC Raises Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Algert Global LLC raised its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 618.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 97,573 shares of the real estate investment trust's stock after purchasing an additional 83,985 shares during the period. Algert Global LLC owned about 0.06% of CareTrust REIT worth $2,639,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of CareTrust REIT by 381.2% during 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. Bank of New York Mellon Corp raised its position in shares of CareTrust REIT by 5.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust's stock worth $67,784,000 after acquiring an additional 126,280 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of CareTrust REIT during the 3rd quarter worth $576,000. Corient Private Wealth LLC grew its stake in CareTrust REIT by 9.2% in the fourth quarter. Corient Private Wealth LLC now owns 22,481 shares of the real estate investment trust's stock valued at $608,000 after purchasing an additional 1,903 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in CareTrust REIT by 26.9% in the fourth quarter. Rhumbline Advisers now owns 572,664 shares of the real estate investment trust's stock worth $15,491,000 after purchasing an additional 121,328 shares in the last quarter. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

CareTrust REIT Price Performance

Shares of CTRE stock traded down $0.39 during mid-day trading on Tuesday, hitting $28.27. 402,035 shares of the stock were exchanged, compared to its average volume of 1,794,634. CareTrust REIT, Inc. has a 52-week low of $24.35 and a 52-week high of $33.15. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The company has a market cap of $5.42 billion, a PE ratio of 35.79, a price-to-earnings-growth ratio of 1.25 and a beta of 0.88. The firm has a fifty day moving average of $28.20 and a 200 day moving average of $28.07.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last posted its quarterly earnings data 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 quarter last year, the firm earned $0.25 EPS. Research analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given 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 was Monday, March 31st. This represents a $1.34 dividend on an annualized basis and a yield of 4.74%. CareTrust REIT's dividend payout ratio (DPR) is presently 145.65%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CTRE. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective on the stock in a research report on Thursday, March 13th. Wedbush reissued an "underperform" rating and issued a $26.00 price target on shares of CareTrust REIT in a report on Friday, March 14th. Wells Fargo & Company decreased their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Finally, Royal Bank of Canada cut 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 analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

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.