CareTrust REIT, Inc. (NASDAQ:CTRE) Position Boosted by Convergence Investment Partners LLC

Convergence Investment Partners LLC boosted its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 57.0% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,661 shares of the real estate investment trust’s stock after purchasing an additional 10,772 shares during the period. Convergence Investment Partners LLC’s holdings in CareTrust REIT were worth $802,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CTRE. Blue Trust Inc. grew its position in CareTrust REIT by 178.3% during the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 772 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of CareTrust REIT by 98.8% during the 4th quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 743 shares in the last quarter. Loomis Sayles & Co. L P grew its stake in CareTrust REIT by 5,527.8% in the third quarter. Loomis Sayles & Co. L P now owns 2,026 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 1,990 shares in the last quarter. Signaturefd LLC grew its stake in shares of CareTrust REIT by 55.0% in the 3rd quarter. Signaturefd LLC now owns 2,185 shares of the real estate investment trust’s stock valued at $67,000 after buying an additional 775 shares in the last quarter. Finally, FSA Wealth Management LLC bought a new stake in shares of CareTrust REIT in the 3rd quarter valued at approximately $80,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CTRE shares. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $34.00 to $32.00 in a research note on Monday, December 9th. Wedbush cut shares of CareTrust REIT from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $34.00 to $26.00 in a report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.67.

CareTrust REIT Price Performance

NASDAQ CTRE opened at $25.88 on Thursday. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $26.87 and a 200 day simple moving average of $28.90. The company has a market cap of $4.86 billion, a P/E ratio of 32.76, a P/E/G ratio of 1.28 and a beta of 1.09. CareTrust REIT, Inc. has a 1 year low of $22.46 and a 1 year high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly 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 net margin of 42.22% and a return on equity of 5.59%. During the same quarter in the prior year, the firm earned $0.25 EPS. On average, sell-side analysts predict that CareTrust REIT, Inc. will post 1.72 EPS for the current year.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date of this dividend was Tuesday, December 31st. CareTrust REIT’s dividend payout ratio (DPR) is currently 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.