OVERSEA CHINESE BANKING Corp Ltd Sells 33,921 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

OVERSEA CHINESE BANKING Corp Ltd reduced its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 22.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 117,673 shares of the real estate investment trust’s stock after selling 33,921 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in CareTrust REIT were worth $3,183,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of CTRE. JPMorgan Chase & Co. increased its stake in CareTrust REIT by 381.2% in 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 purchasing an additional 5,448,904 shares during the period. FMR LLC increased its stake in CareTrust REIT by 209.9% in the 3rd quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after purchasing an additional 3,538,798 shares during the period. Raymond James Financial Inc. purchased a new position in CareTrust REIT in the 4th quarter worth approximately $49,048,000. Heitman Real Estate Securities LLC purchased a new position in CareTrust REIT in the 3rd quarter worth approximately $27,534,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in CareTrust REIT by 344.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 951,535 shares of the real estate investment trust’s stock worth $29,364,000 after purchasing an additional 737,236 shares during the period. 87.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on CTRE shares. Wedbush reaffirmed an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. 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 research report on Monday, March 10th. Royal Bank of Canada lowered their price target on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research 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 target for the company in a research report on Thursday, March 13th. Finally, BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $34.00 to $32.00 in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, CareTrust REIT currently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

CareTrust REIT Price Performance

Shares of NASDAQ CTRE opened at $29.15 on Thursday. The company has a 50 day simple moving average of $26.56 and a two-hundred day simple moving average of $28.65. CareTrust REIT, Inc. has a fifty-two week low of $23.26 and a fifty-two week high of $33.15. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of 36.89, a P/E/G ratio of 1.25 and a beta of 1.11. 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) last posted its quarterly earnings data 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 posted $0.25 EPS. Analysts expect that CareTrust REIT, Inc. will post 1.71 EPS for the current fiscal year.

CareTrust REIT Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.335 dividend. This is a boost 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%. The ex-dividend date of this dividend is Monday, March 31st. CareTrust REIT’s dividend payout ratio is currently 146.84%.

CareTrust REIT Company 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.