Renaissance Technologies LLC Acquires 550,900 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Renaissance Technologies LLC increased its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 63.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,419,738 shares of the real estate investment trust's stock after acquiring an additional 550,900 shares during the quarter. Renaissance Technologies LLC owned approximately 0.83% of CareTrust REIT worth $38,404,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in CareTrust REIT by 381.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust's stock valued at $212,267,000 after acquiring an additional 5,448,904 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of CareTrust REIT by 7.4% during the third quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust's stock worth $115,209,000 after buying an additional 258,271 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in CareTrust REIT by 5.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust's stock worth $67,784,000 after purchasing an additional 126,280 shares during the period. Tidal Investments LLC acquired a new position in shares of CareTrust REIT during the third quarter worth about $576,000. Finally, Rhumbline Advisers increased its holdings in CareTrust REIT by 26.9% during the fourth quarter. Rhumbline Advisers now owns 572,664 shares of the real estate investment trust's stock worth $15,491,000 after buying an additional 121,328 shares during the last quarter. 87.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CTRE shares. Wells Fargo & Company lowered their price target 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 target price for the company in a research note on Thursday, March 13th. Wedbush reiterated an "underperform" rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. Finally, Royal Bank of Canada decreased 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.

CareTrust REIT Price Performance

CTRE stock traded up $0.38 during trading on Wednesday, reaching $28.79. 294,434 shares of the company were exchanged, compared to its average volume of 1,757,521. The company has a market cap of $5.40 billion, a P/E ratio of 36.44, a PEG ratio of 1.25 and a beta of 0.88. The stock's 50 day moving average price is $27.16 and its 200 day moving average price is $28.33. CareTrust REIT, Inc. has a 52-week low of $23.26 and a 52-week 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.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last posted 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 period last year, the firm earned $0.25 earnings per share. As a group, analysts predict that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a yield of 4.65%. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Monday, March 31st. 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.