American Century Companies Inc. Sells 554,185 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

American Century Companies Inc. lowered its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 38.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 890,480 shares of the real estate investment trust’s stock after selling 554,185 shares during the period. American Century Companies Inc.’s holdings in CareTrust REIT were worth $24,087,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of CTRE. JPMorgan Chase & Co. grew its holdings 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. Geode Capital Management LLC grew its holdings in shares of CareTrust REIT by 7.4% in the 3rd 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 buying an additional 258,271 shares during the period. Bank of New York Mellon Corp raised its stake in CareTrust REIT by 5.3% during the 4th 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 buying an additional 126,280 shares during the period. Tidal Investments LLC bought a new position in CareTrust REIT during the third quarter worth about $576,000. Finally, Martingale Asset Management L P bought a new position in CareTrust REIT during the third quarter worth about $784,000. 87.77% of the stock is owned by institutional investors.

CareTrust REIT Stock Up 1.2 %

CareTrust REIT stock opened at $28.90 on Friday. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 1-year low of $23.26 and a 1-year high of $33.15. The company has a fifty day simple moving average of $26.86 and a 200 day simple moving average of $28.60. The company has a market cap of $5.42 billion, a P/E ratio of 36.58, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings data 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 posted $0.25 earnings per share. Research analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.335 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.64%. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.29. CareTrust REIT’s dividend payout ratio is currently 169.62%.

Wall Street Analysts Forecast Growth

CTRE has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Thursday, March 13th. BMO Capital Markets cut shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $34.00 to $32.00 in a report on Monday, December 9th. Wedbush restated an “underperform” rating and set a $26.00 price objective on shares of CareTrust REIT in a report on Friday, March 14th. Royal Bank of Canada reduced their target price on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. Finally, Wells Fargo & Company dropped their price target on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. One research 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.