United Services Automobile Association Acquires Shares of 11,002 CareTrust REIT, Inc. (NASDAQ:CTRE)

United Services Automobile Association acquired a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,002 shares of the real estate investment trust’s stock, valued at approximately $298,000.

A number of other institutional investors also recently modified their holdings of CTRE. JPMorgan Chase & Co. increased its stake in CareTrust REIT by 381.2% during the 3rd 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 in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of CareTrust REIT during the third quarter worth about $7,475,000. Geode Capital Management LLC increased its position in shares of 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 worth $115,209,000 after acquiring an additional 258,271 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of CareTrust REIT by 5.3% in 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 acquiring an additional 126,280 shares during the last quarter. Finally, Tidal Investments LLC bought a new position in CareTrust REIT in the 3rd quarter valued at about $576,000. 87.77% of the stock is owned by institutional investors and hedge funds.

CareTrust REIT Trading Up 1.2 %

NASDAQ CTRE opened at $28.98 on Tuesday. The business’s fifty day moving average is $26.71 and its 200-day moving average is $28.62. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of 36.69, a PEG ratio of 1.25 and a beta of 1.11. CareTrust REIT, Inc. has a one year low of $23.26 and a one year high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last released 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 quarter in the previous year, the firm earned $0.25 earnings per share. Equities research analysts predict that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.335 dividend. 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 dividend yield of 4.62%. CareTrust REIT’s payout ratio is presently 169.62%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CTRE. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research note on Thursday, March 13th. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $34.00 to $32.00 in a research note on Monday, December 9th. Wedbush reiterated an “underperform” rating and issued a $26.00 target price on shares of CareTrust REIT in a research note on Friday, March 14th. Wells Fargo & Company dropped their price target on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Finally, Royal Bank of Canada reduced their price objective 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $31.00.

About CareTrust REIT

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.