Legal & General Group Plc grew its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 14.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,222,409 shares of the real estate investment trust's stock after acquiring an additional 157,403 shares during the period. Legal & General Group Plc owned about 0.71% of CareTrust REIT worth $33,066,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of 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 valued at $212,267,000 after purchasing an additional 5,448,904 shares during the period. Vanguard Group Inc. boosted its holdings in shares of CareTrust REIT by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock worth $738,482,000 after acquiring an additional 4,263,097 shares during the period. FMR LLC grew its position in shares of CareTrust REIT by 51.8% in the fourth quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust's stock valued at $214,586,000 after purchasing an additional 2,708,050 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of CareTrust REIT during the 4th quarter valued at $49,048,000. Finally, Norges Bank purchased a new stake in CareTrust REIT during the 4th quarter worth about $33,180,000. Hedge funds and other institutional investors own 87.77% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on CTRE. Wells Fargo & Company lowered their price target on shares of CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Royal Bank of Canada decreased their price target on shares of 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 for the company in a research note on Thursday, March 13th. Finally, Wedbush restated an "underperform" rating and issued a $26.00 target price on shares of CareTrust REIT in a research note on Friday, March 14th. 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 company currently has a consensus rating of "Moderate Buy" and an average price target of $31.00.
Read Our Latest Research Report on CareTrust REIT
CareTrust REIT Price Performance
CTRE traded up $0.14 during midday trading on Friday, hitting $28.76. The stock had a trading volume of 1,294,136 shares, compared to its average volume of 1,765,747. CareTrust REIT, Inc. has a 1 year low of $23.26 and a 1 year high of $33.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The business has a fifty day moving average of $27.26 and a 200 day moving average of $28.31. The company has a market cap of $5.40 billion, a P/E ratio of 36.40, a price-to-earnings-growth 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 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 quarter in the prior year, the business posted $0.25 EPS. As a group, equities analysts forecast that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.
CareTrust REIT Increases Dividend
The business 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. The ex-dividend date of this dividend was Monday, March 31st. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a yield of 4.66%. CareTrust REIT's dividend payout ratio is currently 169.62%.
CareTrust REIT Profile
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Free Report)
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.
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