Sterling Capital Management LLC Increases Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Sterling Capital Management LLC raised its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 4,585.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,740 shares of the real estate investment trust’s stock after acquiring an additional 21,276 shares during the period. Sterling Capital Management LLC’s holdings in CareTrust REIT were worth $588,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Barclays PLC increased its position in CareTrust REIT by 264.9% in the third quarter. Barclays PLC now owns 259,820 shares of the real estate investment trust’s stock worth $8,017,000 after buying an additional 188,622 shares during the last quarter. M&T Bank Corp raised its stake in CareTrust REIT by 11.5% in the 3rd quarter. M&T Bank Corp now owns 13,280 shares of the real estate investment trust’s stock valued at $410,000 after acquiring an additional 1,374 shares during the period. Sanctuary Advisors LLC raised its stake in CareTrust REIT by 15.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 15,186 shares of the real estate investment trust’s stock valued at $460,000 after acquiring an additional 2,081 shares during the period. World Investment Advisors LLC purchased a new stake in CareTrust REIT during the third quarter valued at about $407,000. Finally, Tidal Investments LLC bought a new position in CareTrust REIT during the third quarter worth about $576,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

CareTrust REIT Stock Performance

NASDAQ:CTRE opened at $28.76 on Friday. CareTrust REIT, Inc. has a twelve month low of $23.26 and a twelve month high of $33.15. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The stock has a market cap of $5.40 billion, a P/E ratio of 36.40, a PEG ratio of 1.25 and a beta of 0.88. The business’s 50-day moving average price is $27.21 and its two-hundred day moving average price is $28.33.

CareTrust REIT (NASDAQ:CTRE) last announced its 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 quarter in the prior year, the business earned $0.25 EPS. As a group, equities analysts predict that CareTrust REIT, Inc. will post 1.71 EPS for the current fiscal year.

CareTrust REIT Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date of this dividend was Monday, March 31st. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.29. CareTrust REIT’s dividend payout ratio is currently 169.62%.

Analyst Ratings Changes

A number of analysts recently commented on CTRE shares. Wedbush restated an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. 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 report on Friday, February 21st. Wells Fargo & Company decreased their price target 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. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average 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.