Daiwa Securities Group Inc. Cuts Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Daiwa Securities Group Inc. reduced its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 11.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 218,035 shares of the real estate investment trust’s stock after selling 28,233 shares during the period. Daiwa Securities Group Inc.’s holdings in CareTrust REIT were worth $5,898,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CTRE. Wellington Management Group LLP boosted its holdings in CareTrust REIT by 5.5% during the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock worth $394,948,000 after buying an additional 670,348 shares in the last quarter. State Street Corp lifted its position in shares of CareTrust REIT by 6.7% during the 3rd quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust’s stock valued at $259,255,000 after acquiring an additional 520,783 shares during the period. JPMorgan Chase & Co. boosted its stake 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 worth $212,267,000 after acquiring an additional 5,448,904 shares in the last quarter. FMR LLC boosted its stake in shares of CareTrust REIT by 209.9% during the 3rd quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after acquiring an additional 3,538,798 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of CareTrust REIT by 7.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust’s stock worth $115,209,000 after acquiring an additional 258,271 shares during the period. 87.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wedbush downgraded CareTrust REIT from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $34.00 to $26.00 in a research report on Thursday, January 2nd. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $34.00 to $32.00 in a research report on Monday, December 9th. Royal Bank of Canada dropped their target price on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a 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 report on Monday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, CareTrust REIT has a consensus rating of “Hold” and an average price target of $30.33.

CareTrust REIT Trading Up 3.5 %

Shares of CTRE stock opened at $26.97 on Thursday. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of 34.14, a PEG ratio of 1.25 and a beta of 1.11. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $26.37 and a 200 day moving average price of $28.70. CareTrust REIT, Inc. has a twelve month low of $23.26 and a twelve month high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share 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 business posted $0.25 earnings per share. Research analysts forecast that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend was Tuesday, December 31st. CareTrust REIT’s dividend payout ratio (DPR) is 146.84%.

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.