Dark Forest Capital Management LP Makes New $1.74 Million Investment in CareTrust REIT, Inc. (NASDAQ:CTRE)

Dark Forest Capital Management LP purchased a new position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 64,479 shares of the real estate investment trust's stock, valued at approximately $1,744,000.

Other large investors have also recently added to or reduced their stakes in the company. Barclays PLC grew its stake in CareTrust REIT by 264.9% in the third quarter. Barclays PLC now owns 259,820 shares of the real estate investment trust's stock valued at $8,017,000 after purchasing an additional 188,622 shares in the last quarter. Sanctuary Advisors LLC increased its holdings in CareTrust REIT by 15.9% in the third quarter. Sanctuary Advisors LLC now owns 15,186 shares of the real estate investment trust's stock worth $460,000 after buying an additional 2,081 shares during the last quarter. World Investment Advisors LLC acquired a new stake in CareTrust REIT in the third quarter valued at approximately $407,000. Tidal Investments LLC bought a new stake in CareTrust REIT in the third quarter worth approximately $576,000. Finally, Franklin Resources Inc. increased its stake in shares of CareTrust REIT by 2.3% during the 3rd quarter. Franklin Resources Inc. now owns 58,065 shares of the real estate investment trust's stock worth $1,754,000 after purchasing an additional 1,318 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wedbush reiterated an "underperform" rating and issued a $26.00 price objective on shares of CareTrust REIT in a report on Friday, March 14th. Royal Bank of Canada lowered their price objective on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective on the stock in a research note on Thursday, March 13th. Finally, Wells Fargo & Company lowered their price target on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. One 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.00.

CareTrust REIT Stock Performance

NASDAQ:CTRE traded up $0.18 during trading hours on Monday, hitting $28.28. 167,472 shares of the company traded hands, compared to its average volume of 1,777,612. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a twelve month low of $24.35 and a twelve month high of $33.15. The firm has a 50-day moving average of $27.52 and a 200 day moving average of $28.20. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of 35.80, a P/E/G ratio of 1.25 and a beta of 0.88.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last released its 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 earned $0.25 EPS. On average, analysts forecast that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.335 per share. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a dividend yield of 4.74%. The ex-dividend date was Monday, March 31st. CareTrust REIT's payout ratio is 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.