M&T Bank Corp Takes Position in CareTrust REIT, Inc. $CTRE

Key Points

• M&T Bank Corp initiated a new position in CareTrust REIT during the fourth quarter, buying 24,706 shares valued at about $894,000.
• Institutional ownership remains very high, with major holders like Vanguard and State Street adding to positions; overall, 87.77% of CTRE stock is owned by institutions.
• CareTrust REIT reported better-than-expected earnings of $0.50 per share and recently raised its quarterly dividend to $0.39, implying a 3.8% annualized yield.

M&T Bank Corp bought a new stake in shares of CareTrust REIT, Inc. (NYSE:CTRE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 24,706 shares of the company's stock, valued at approximately $894,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of CareTrust REIT by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 33,184,181 shares of the company's stock valued at $1,199,940,000 after acquiring an additional 210,965 shares during the period. State Street Corp grew its position in shares of CareTrust REIT by 11.7% during the 3rd quarter. State Street Corp now owns 12,206,572 shares of the company's stock valued at $427,336,000 after acquiring an additional 1,277,378 shares during the period. Daiwa Securities Group Inc. grew its position in shares of CareTrust REIT by 114.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 3,238,307 shares of the company's stock valued at $112,305,000 after acquiring an additional 1,728,043 shares during the period. Alyeska Investment Group L.P. grew its position in shares of CareTrust REIT by 19.5% during the 3rd quarter. Alyeska Investment Group L.P. now owns 3,116,292 shares of the company's stock valued at $108,073,000 after acquiring an additional 509,298 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of CareTrust REIT by 17.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,100,590 shares of the company's stock valued at $107,525,000 after acquiring an additional 468,719 shares during the period. 87.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on CTRE. Citizens Jmp began coverage on shares of CareTrust REIT in a research report on Thursday, January 22nd. They set a "market outperform" rating and a $44.00 target price for the company. Citigroup began coverage on shares of CareTrust REIT in a research note on Thursday, January 22nd. They set a "market outperform" rating on the stock. Zacks Research cut shares of CareTrust REIT from a "hold" rating to a "strong sell" rating in a research note on Wednesday, March 25th. Mizuho began coverage on shares of CareTrust REIT in a research note on Thursday, April 2nd. They set an "outperform" rating and a $42.00 price target on the stock. Finally, Royal Bank Of Canada upped their price target on shares of CareTrust REIT from $41.00 to $44.00 and gave the company an "outperform" rating in a research note on Tuesday, February 24th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $42.82.

CareTrust REIT Price Performance

CTRE stock opened at $41.49 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.38 and a quick ratio of 2.37. CareTrust REIT, Inc. has a one year low of $27.72 and a one year high of $41.72. The stock has a market cap of $9.80 billion, a PE ratio of 26.59, a P/E/G ratio of 2.75 and a beta of 0.77. The firm has a 50 day simple moving average of $38.97 and a two-hundred day simple moving average of $37.69.

CareTrust REIT (NYSE:CTRE - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. The firm had revenue of $134.86 million for the quarter. CareTrust REIT had a net margin of 64.10% and a return on equity of 8.65%. CareTrust REIT has set its FY 2026 guidance at 1.900-1.95 EPS. On average, analysts predict that CareTrust REIT, Inc. will post 2 EPS for the current fiscal year.

CareTrust REIT Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a $0.39 dividend. This is a boost from CareTrust REIT's previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, March 31st. CareTrust REIT's payout ratio is currently 85.90%.

CareTrust REIT Company Profile

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.

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