Segall Bryant & Hamill LLC Purchases New Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Segall Bryant & Hamill LLC acquired a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 470,257 shares of the real estate investment trust’s stock, valued at approximately $12,720,000. Segall Bryant & Hamill LLC owned about 0.27% of CareTrust REIT at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its position in shares of 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 during the last quarter. Geode Capital Management LLC increased its position in 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 valued at $115,209,000 after acquiring an additional 258,271 shares during the last quarter. Bank of New York Mellon Corp increased its position in 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 last quarter. Tidal Investments LLC bought a new position in CareTrust REIT during the third quarter valued at $576,000. Finally, Martingale Asset Management L P purchased a new stake in shares of CareTrust REIT in the third quarter valued at $784,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

CareTrust REIT Stock Performance

Shares of NASDAQ:CTRE opened at $28.85 on Wednesday. The firm’s 50 day simple moving average is $26.75 and its 200-day simple moving average is $28.62. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. CareTrust REIT, Inc. has a one year low of $23.26 and a one year high of $33.15. The firm has a market cap of $5.41 billion, a PE ratio of 36.52, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate 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 in the previous year, the company earned $0.25 EPS. As a group, equities analysts predict that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued 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%. The ex-dividend date is Monday, March 31st. CareTrust REIT’s payout ratio is presently 169.62%.

Analyst Upgrades and Downgrades

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

CareTrust REIT Company 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.