Bridgefront Capital LLC Takes $1.17 Million Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Bridgefront Capital LLC bought a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 43,401 shares of the real estate investment trust's stock, valued at approximately $1,174,000.

Several other hedge funds also recently made changes to their positions in the company. Signaturefd LLC lifted its position in CareTrust REIT by 20.3% during the fourth quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust's stock valued at $71,000 after buying an additional 443 shares during the period. WealthShield Partners LLC lifted its position in CareTrust REIT by 1.0% during the 4th quarter. WealthShield Partners LLC now owns 49,119 shares of the real estate investment trust's stock valued at $1,343,000 after acquiring an additional 490 shares during the period. PNC Financial Services Group Inc. boosted its stake in CareTrust REIT by 4.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,384 shares of the real estate investment trust's stock worth $308,000 after acquiring an additional 534 shares in the last quarter. O Shaughnessy Asset Management LLC grew its holdings in CareTrust REIT by 5.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 11,777 shares of the real estate investment trust's stock worth $319,000 after purchasing an additional 601 shares during the period. Finally, Blue Trust Inc. grew its holdings in CareTrust REIT by 50.0% in the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 603 shares during the period. 87.77% of the stock is currently owned by institutional investors.

CareTrust REIT Stock Performance

CTRE stock traded up $0.19 on Friday, hitting $29.14. The company had a trading volume of 922,060 shares, compared to its average volume of 1,796,611. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of 36.89, a P/E/G ratio of 1.25 and a beta of 0.88. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The stock's 50-day simple moving average is $28.16 and its 200 day simple moving average is $28.12. CareTrust REIT, Inc. has a 12-month low of $24.35 and a 12-month high of $33.15.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate 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 in the prior year, the business posted $0.25 earnings per share. As a group, equities research analysts expect that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.335 dividend. This represents a $1.34 annualized dividend and a dividend yield of 4.60%. The ex-dividend date was Monday, March 31st. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. CareTrust REIT's dividend payout ratio is 145.65%.

Analyst Ratings Changes

A number of brokerages have recently commented on CTRE. Royal Bank of Canada dropped their price target 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. Wedbush reissued an "underperform" rating and issued a $26.00 target price on shares of CareTrust REIT in a research note on Friday, March 14th. Wells Fargo & Company lowered their price target on 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, Deutsche Bank Aktiengesellschaft upgraded shares of 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $31.00.

About CareTrust REIT

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.