CANADA LIFE ASSURANCE Co Buys 71,028 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

CANADA LIFE ASSURANCE Co boosted its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 21.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 406,137 shares of the real estate investment trust's stock after purchasing an additional 71,028 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.24% of CareTrust REIT worth $10,976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of CTRE. JPMorgan Chase & Co. boosted its stake in 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 buying an additional 5,448,904 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of CareTrust REIT by 5.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust's stock valued at $67,784,000 after purchasing an additional 126,280 shares during the last quarter. Tidal Investments LLC purchased a new position in CareTrust REIT in the 3rd quarter worth $576,000. Rhumbline Advisers lifted its stake 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in CareTrust REIT by 24.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,891,679 shares of the real estate investment trust's stock valued at $78,220,000 after buying an additional 568,634 shares during the period. 87.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Wells Fargo & Company dropped their target price on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a report on Monday, March 10th. Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target for the company in a report on Thursday, March 13th. Wedbush restated an "underperform" rating and issued a $26.00 price objective on shares of CareTrust REIT in a research report on Friday, March 14th. Finally, Royal Bank of Canada reduced their price target on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $31.00.

CareTrust REIT Stock Down 0.2 %

Shares of NASDAQ:CTRE traded down $0.06 during trading on Friday, hitting $28.10. The stock had a trading volume of 583,442 shares, compared to its average volume of 1,784,034. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 12 month low of $24.35 and a 12 month high of $33.15. The company has a market capitalization of $5.27 billion, a PE ratio of 35.57, a PEG ratio of 1.25 and a beta of 0.88. The firm's fifty day moving average is $27.52 and its 200 day moving average is $28.20.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced 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 net margin of 42.22% and a return on equity of 5.59%. During the same period in the previous year, the business posted $0.25 EPS. Analysts anticipate that CareTrust REIT, Inc. will post 1.71 EPS for the current fiscal year.

CareTrust REIT Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.335 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.34 annualized dividend and a dividend yield of 4.77%. This is an increase from CareTrust REIT's previous quarterly dividend of $0.29. CareTrust REIT's dividend payout ratio is presently 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.