CareTrust REIT, Inc. (NASDAQ:CTRE) Shares Purchased by Corebridge Financial Inc.

Corebridge Financial Inc. boosted its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE) by 20.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 98,926 shares of the real estate investment trust’s stock after acquiring an additional 16,586 shares during the period. Corebridge Financial Inc. owned about 0.06% of CareTrust REIT worth $2,676,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CTRE. JPMorgan Chase & Co. lifted its holdings in shares of 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 last quarter. Geode Capital Management LLC lifted its stake in CareTrust REIT by 7.4% in 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 buying an additional 258,271 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of CareTrust REIT by 5.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust’s stock valued at $67,784,000 after acquiring an additional 126,280 shares during the period. Tidal Investments LLC bought a new position in shares of CareTrust REIT during the third quarter worth about $576,000. Finally, Martingale Asset Management L P bought a new position in shares of CareTrust REIT during the third quarter worth about $784,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

CareTrust REIT Stock Down 1.3 %

Shares of CTRE stock opened at $28.60 on Tuesday. CareTrust REIT, Inc. has a 1 year low of $23.26 and a 1 year high of $33.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The business’s fifty day moving average is $26.90 and its 200-day moving average is $28.57. The stock has a market cap of $5.37 billion, a PE ratio of 36.20, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last released 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 last year, the business earned $0.25 EPS. Equities analysts expect that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 is a positive change from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a yield of 4.69%. CareTrust REIT’s dividend payout ratio is currently 169.62%.

Wall Street Analysts Forecast Growth

CTRE has been the subject of several recent analyst reports. Royal Bank of Canada decreased 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 report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Thursday, March 13th. Wedbush reiterated 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 decreased their price target on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Finally, BMO Capital Markets downgraded shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $34.00 to $32.00 in a report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.