Royal London Asset Management Ltd. Buys 259,902 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Royal London Asset Management Ltd. boosted its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 37.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 950,977 shares of the real estate investment trust’s stock after acquiring an additional 259,902 shares during the quarter. Royal London Asset Management Ltd. owned approximately 0.55% of CareTrust REIT worth $25,724,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Harvest Fund Management Co. Ltd grew its holdings in CareTrust REIT by 53.1% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 10,438 shares of the real estate investment trust’s stock worth $282,000 after acquiring an additional 3,622 shares during the last quarter. Maryland State Retirement & Pension System grew its holdings in CareTrust REIT by 21.1% during the 4th quarter. Maryland State Retirement & Pension System now owns 63,082 shares of the real estate investment trust’s stock worth $1,706,000 after acquiring an additional 11,007 shares during the last quarter. Xponance Inc. grew its holdings in CareTrust REIT by 43.6% during the 4th quarter. Xponance Inc. now owns 13,379 shares of the real estate investment trust’s stock worth $362,000 after acquiring an additional 4,062 shares during the last quarter. Intech Investment Management LLC grew its holdings in CareTrust REIT by 251.5% during the 4th quarter. Intech Investment Management LLC now owns 158,642 shares of the real estate investment trust’s stock worth $4,291,000 after acquiring an additional 113,515 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in CareTrust REIT by 157.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 311,358 shares of the real estate investment trust’s stock worth $8,422,000 after acquiring an additional 190,259 shares during the last quarter. Institutional investors own 87.77% of the company’s stock.

Analysts Set New Price Targets

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

CareTrust REIT Trading Down 1.0 %

Shares of NASDAQ:CTRE opened at $28.70 on Friday. CareTrust REIT, Inc. has a 12 month low of $23.26 and a 12 month high of $33.15. 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 company’s fifty day simple moving average is $26.66 and its 200 day simple moving average is $28.64. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of 36.33, a PEG ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 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 quarter last year, the business earned $0.25 EPS. As a group, research analysts forecast that CareTrust REIT, Inc. will post 1.71 EPS 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 issued a $0.335 dividend. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.29. The ex-dividend date is Monday, March 31st. This represents a $1.34 annualized dividend and a dividend yield of 4.67%. CareTrust REIT’s dividend payout ratio (DPR) is presently 146.84%.

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.