Franklin Resources Inc. Increases Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Franklin Resources Inc. lifted its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 167.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,398 shares of the real estate investment trust's stock after purchasing an additional 97,333 shares during the quarter. Franklin Resources Inc. owned 0.09% of CareTrust REIT worth $4,204,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CTRE. Signaturefd LLC lifted its stake 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 worth $71,000 after purchasing an additional 443 shares during the last quarter. WealthShield Partners LLC raised its holdings in shares of 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 buying an additional 490 shares in the last quarter. Quantinno Capital Management LP lifted its position in CareTrust REIT by 3.2% in the 3rd quarter. Quantinno Capital Management LP now owns 17,097 shares of the real estate investment trust's stock worth $528,000 after buying an additional 533 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in CareTrust REIT by 4.9% in 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 buying an additional 534 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its position in CareTrust REIT by 5.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 11,777 shares of the real estate investment trust's stock valued at $319,000 after acquiring an additional 601 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CTRE. Royal Bank of Canada lowered their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a report on Friday, February 21st. Wedbush reissued an "underperform" rating and issued a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. 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 target price on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $31.00.

CareTrust REIT Trading Up 0.9 %

CareTrust REIT stock traded up $0.25 during trading hours on Thursday, reaching $28.87. The stock had a trading volume of 209,708 shares, compared to its average volume of 1,758,349. The stock has a market cap of $5.42 billion, a PE ratio of 36.54, a PEG ratio of 1.25 and a beta of 0.88. The company has a fifty day simple moving average of $27.21 and a 200-day simple moving average of $28.33. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. CareTrust REIT, Inc. has a 52 week low of $23.26 and a 52 week high of $33.15.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company posted $0.25 EPS. Analysts forecast that CareTrust REIT, Inc. will post 1.71 EPS for the current fiscal year.

CareTrust REIT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend was Monday, March 31st. This is an increase from CareTrust REIT's previous quarterly dividend of $0.29. CareTrust REIT's dividend payout ratio is currently 169.62%.

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.