Pitcairn Co. Acquires 605 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Pitcairn Co. increased its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,045 shares of the real estate investment trust’s stock after acquiring an additional 605 shares during the quarter. Pitcairn Co.’s holdings in CareTrust REIT were worth $380,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CTRE. Advantage Trust Co bought a new stake in shares of CareTrust REIT during the 4th quarter worth $30,000. Versant Capital Management Inc grew its position in CareTrust REIT by 98.8% during the fourth quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 743 shares during the period. Blue Trust Inc. increased its holdings in CareTrust REIT by 50.0% during the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 603 shares during the last quarter. Signaturefd LLC raised its position in CareTrust REIT by 20.3% in the fourth quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 443 shares during the period. Finally, GAMMA Investing LLC boosted its stake in CareTrust REIT by 24.4% in the fourth quarter. GAMMA Investing LLC now owns 4,033 shares of the real estate investment trust’s stock valued at $109,000 after acquiring an additional 790 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Price Performance

Shares of NASDAQ CTRE opened at $27.98 on Friday. 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, Inc. has a fifty-two week low of $23.26 and a fifty-two week high of $33.15. The stock has a market cap of $5.25 billion, a PE ratio of 35.41, a price-to-earnings-growth ratio of 1.25 and a beta of 0.88. The stock has a fifty day moving average of $27.03 and a 200-day moving average of $28.52.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share 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 in the prior year, the firm earned $0.25 EPS. Equities research analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 4.79%. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Monday, March 31st. CareTrust REIT’s dividend payout ratio (DPR) is presently 169.62%.

Analyst Ratings Changes

Several brokerages have recently issued reports on CTRE. Wells Fargo & Company decreased their price target on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research report on Thursday, March 13th. Royal Bank of Canada dropped their price target on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $34.00 to $32.00 in a report on Monday, December 9th. Finally, Wedbush reaffirmed an “underperform” rating and set a $26.00 price objective on shares of CareTrust REIT in a report on Friday, March 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

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.