The Manufacturers Life Insurance Company Has $2.61 Million Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

The Manufacturers Life Insurance Company grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 16.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 96,535 shares of the real estate investment trust's stock after acquiring an additional 13,601 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of CareTrust REIT worth $2,611,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. raised its position 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 worth $212,267,000 after buying an additional 5,448,904 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of CareTrust REIT by 18.5% during the 4th quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock worth $738,482,000 after purchasing an additional 4,263,097 shares during the last quarter. FMR LLC lifted its holdings in shares of CareTrust REIT by 51.8% during the 4th quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust's stock worth $214,586,000 after acquiring an additional 2,708,050 shares during the period. Raymond James Financial Inc. purchased a new position in shares of CareTrust REIT during the 4th quarter worth about $49,048,000. Finally, Norges Bank purchased a new position in CareTrust REIT in the fourth quarter valued at approximately $33,180,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CTRE. Deutsche Bank Aktiengesellschaft upgraded shares of 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. Wells Fargo & Company cut their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. Wedbush reiterated an "underperform" rating and issued a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. Finally, Royal Bank of Canada lowered their target price on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, CareTrust REIT presently has a consensus rating of "Moderate Buy" and a consensus target price of $31.00.

CareTrust REIT Stock Performance

CareTrust REIT stock traded up $0.47 during trading hours on Friday, reaching $29.11. 249,774 shares of the company were exchanged, compared to its average volume of 1,797,686. The firm has a market cap of $5.58 billion, a price-to-earnings ratio of 36.81, a PEG ratio of 1.25 and a beta of 0.88. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The stock has a 50-day moving average of $28.36 and a 200 day moving average of $28.05. CareTrust REIT, Inc. has a 12 month low of $24.35 and a 12 month high of $33.15.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced its 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 return on equity of 5.59% and a net margin of 42.22%. During the same period in the prior year, the firm posted $0.25 EPS. As a group, research analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders 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 positive change from CareTrust REIT's previous quarterly dividend of $0.29. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.60%. CareTrust REIT's payout ratio is 145.65%.

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.