Intech Investment Management LLC Purchases 113,515 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Intech Investment Management LLC grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 251.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 158,642 shares of the real estate investment trust’s stock after purchasing an additional 113,515 shares during the quarter. Intech Investment Management LLC’s holdings in CareTrust REIT were worth $4,291,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CTRE. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of CareTrust REIT by 6.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 167,608 shares of the real estate investment trust’s stock valued at $5,172,000 after purchasing an additional 10,460 shares during the period. KBC Group NV lifted its stake in shares of CareTrust REIT by 32.6% in the 3rd quarter. KBC Group NV now owns 3,534 shares of the real estate investment trust’s stock valued at $109,000 after purchasing an additional 869 shares during the period. Metis Global Partners LLC lifted its stake in shares of CareTrust REIT by 40.7% in the 3rd quarter. Metis Global Partners LLC now owns 15,878 shares of the real estate investment trust’s stock valued at $490,000 after purchasing an additional 4,597 shares during the period. CIBC Asset Management Inc acquired a new position in shares of CareTrust REIT in the 3rd quarter valued at $238,000. Finally, Swiss National Bank lifted its stake in shares of CareTrust REIT by 4.4% in the 3rd quarter. Swiss National Bank now owns 277,349 shares of the real estate investment trust’s stock valued at $8,559,000 after purchasing an additional 11,800 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. 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 note on Thursday, March 13th. Wells Fargo & Company dropped their price objective 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. BMO Capital Markets downgraded CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. Wedbush reaffirmed an “underperform” rating and set a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. Finally, Royal Bank of Canada dropped their price objective on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, CareTrust REIT has an average rating of “Moderate Buy” and a consensus target price of $31.00.

CareTrust REIT Stock Performance

CTRE opened at $28.89 on Wednesday. The business’s 50-day moving average price is $26.52 and its two-hundred day moving average price is $28.65. CareTrust REIT, Inc. has a 1 year low of $23.26 and a 1 year high of $33.15. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of 36.57, a P/E/G ratio of 1.25 and a beta of 1.11. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82.

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 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 last year, the company posted $0.25 earnings per share. Equities analysts expect that CareTrust REIT, Inc. will post 1.71 EPS for the current fiscal year.

CareTrust REIT Increases Dividend

The company also recently declared 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. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a dividend yield of 4.64%. 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.