Sumitomo Mitsui Trust Group Inc. Buys 35,084 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Sumitomo Mitsui Trust Group Inc. grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 20.9% during the fourth quarter, Holdings Channel reports. The firm owned 202,692 shares of the real estate investment trust’s stock after purchasing an additional 35,084 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in CareTrust REIT were worth $5,483,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in CareTrust REIT by 381.2% during the third 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 during the period. Eagle Asset Management Inc. lifted its holdings in CareTrust REIT by 22.4% during the third quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust’s stock worth $13,264,000 after acquiring an additional 78,560 shares during the period. Raymond James & Associates lifted its holdings in CareTrust REIT by 10.6% during the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust’s stock worth $21,138,000 after acquiring an additional 65,756 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in CareTrust REIT during the third quarter worth $7,475,000. Finally, Principal Financial Group Inc. lifted its holdings in CareTrust REIT by 5.2% during the third quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust’s stock worth $25,870,000 after acquiring an additional 41,623 shares during the period. 87.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CTRE has been the subject of a number of recent research reports. 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 downgraded CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $34.00 to $32.00 in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $30.67.

CareTrust REIT Stock Performance

NASDAQ:CTRE opened at $26.57 on Friday. The company has a market capitalization of $4.55 billion, a P/E ratio of 36.90, a P/E/G ratio of 1.24 and a beta of 1.09. CareTrust REIT, Inc. has a 1 year low of $22.42 and a 1 year high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The business has a fifty day simple moving average of $27.14 and a two-hundred day simple moving average of $28.93.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly 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 net margin of 36.88% and a return on equity of 5.32%. During the same period in the previous year, the firm earned $0.25 earnings per share. On average, analysts expect that CareTrust REIT, Inc. will post 1.5 earnings per share for the current year.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend was Tuesday, December 31st. CareTrust REIT’s dividend payout ratio (DPR) is presently 161.11%.

CareTrust REIT 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.