Harvest Fund Management Co. Ltd Acquires 3,622 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Harvest Fund Management Co. Ltd raised its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE) by 53.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,438 shares of the real estate investment trust’s stock after buying an additional 3,622 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in CareTrust REIT were worth $282,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Advantage Trust Co bought a new stake in shares of CareTrust REIT in the 4th quarter worth about $30,000. Versant Capital Management Inc grew its holdings in shares of CareTrust REIT by 98.8% in the 4th quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 743 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of CareTrust REIT by 50.0% in the 4th quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 603 shares during the last quarter. Loomis Sayles & Co. L P grew its holdings in shares of CareTrust REIT by 5,527.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,026 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 1,990 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in shares of CareTrust REIT by 20.3% in the 4th quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 443 shares during the last quarter. Institutional investors own 87.77% of the company’s stock.

Analysts Set New Price Targets

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

CareTrust REIT Stock Performance

CareTrust REIT stock opened at $28.70 on Friday. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 1 year low of $23.26 and a 1 year high of $33.15. The company has a market cap of $5.39 billion, a PE ratio of 36.33, a PEG ratio of 1.25 and a beta of 1.11. The company’s 50-day moving average is $26.66 and its two-hundred day moving average is $28.64.

CareTrust REIT (NASDAQ:CTRE) last released its 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 last year, the company earned $0.25 EPS. Equities analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.335 per share. The ex-dividend date is Monday, March 31st. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 dividend on an annualized basis and a yield of 4.67%. CareTrust REIT’s dividend payout ratio is presently 146.84%.

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.