CareTrust REIT, Inc. (NASDAQ:CTRE) Shares Bought by Convergence Investment Partners LLC

Convergence Investment Partners LLC raised its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 57.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,661 shares of the real estate investment trust’s stock after buying an additional 10,772 shares during the period. Convergence Investment Partners LLC’s holdings in CareTrust REIT were worth $802,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. CWM LLC increased its stake in shares of CareTrust REIT by 16.8% during the third quarter. CWM LLC now owns 3,244 shares of the real estate investment trust’s stock valued at $100,000 after acquiring an additional 467 shares during the period. Quantinno Capital Management LP increased its position in shares of CareTrust REIT by 3.2% during the 3rd quarter. Quantinno Capital Management LP now owns 17,097 shares of the real estate investment trust’s stock valued at $528,000 after purchasing an additional 533 shares during the period. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of CareTrust REIT by 0.4% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 151,594 shares of the real estate investment trust’s stock valued at $4,678,000 after purchasing an additional 544 shares during the period. Blue Trust Inc. increased its position in shares of CareTrust REIT by 50.0% during the 4th quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 603 shares during the period. Finally, Pitcairn Co. increased its position in shares of CareTrust REIT by 5.3% during the 3rd quarter. Pitcairn Co. now owns 13,440 shares of the real estate investment trust’s stock valued at $415,000 after purchasing an additional 671 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Trading Down 0.3 %

Shares of 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. CareTrust REIT, Inc. has a 1-year low of $22.46 and a 1-year high of $33.15. The stock has a market capitalization 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. The business’s 50-day moving average price is $26.87 and its 200 day moving average price is $28.90.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share 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 quarter in the previous year, the company earned $0.25 earnings per share. Analysts expect that CareTrust REIT, Inc. will post 1.72 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.48%. The ex-dividend date was Tuesday, December 31st. CareTrust REIT’s payout ratio is 146.84%.

Wall Street Analyst Weigh In

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

About CareTrust REIT

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.