OFI Invest Asset Management Acquires Shares of 16,755 CareTrust REIT, Inc. (NASDAQ:CTRE)

OFI Invest Asset Management acquired a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) during the fourth quarter, HoldingsChannel.com reports. The firm acquired 16,755 shares of the real estate investment trust’s stock, valued at approximately $438,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in CareTrust REIT by 381.2% during 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. Eagle Asset Management Inc. raised its position in CareTrust REIT by 22.4% during the third quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust’s stock valued at $13,264,000 after purchasing an additional 78,560 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in CareTrust REIT during the third quarter valued at approximately $7,475,000. Principal Financial Group Inc. raised its position in CareTrust REIT by 5.2% during the third quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust’s stock valued at $25,870,000 after purchasing an additional 41,623 shares during the period. Finally, Geode Capital Management LLC raised its position in 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 valued at $115,209,000 after purchasing an additional 258,271 shares during the period. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

CareTrust REIT Trading Up 1.4 %

CTRE opened at $25.87 on Monday. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The stock’s fifty day moving average is $26.41 and its two-hundred day moving average is $28.74. The company has a market capitalization of $4.85 billion, a P/E ratio of 32.74, a PEG ratio of 1.25 and a beta of 1.11. CareTrust REIT, Inc. has a 52 week low of $23.10 and a 52 week high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last issued its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share 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 prior year, the business earned $0.25 EPS. Analysts forecast that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date was Tuesday, December 31st. CareTrust REIT’s dividend payout ratio (DPR) is presently 146.84%.

Wall Street Analyst Weigh In

CTRE has been the topic of a number of recent research reports. BMO Capital Markets downgraded CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $34.00 to $32.00 in a research report on Monday, December 9th. Royal Bank of Canada reduced their price target on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Finally, Wedbush downgraded CareTrust REIT from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $34.00 to $26.00 in a report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CareTrust REIT has a consensus rating of “Hold” and an average price target of $30.83.

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.