Zurcher Kantonalbank Zurich Cantonalbank Increases Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 70.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 94,757 shares of the real estate investment trust’s stock after buying an additional 39,266 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in CareTrust REIT were worth $2,563,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of CTRE. Wellington Management Group LLP grew its stake in shares of CareTrust REIT by 5.5% during the 3rd quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock worth $394,948,000 after purchasing an additional 670,348 shares during the period. State Street Corp grew its stake 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 worth $259,255,000 after purchasing an additional 520,783 shares during the period. JPMorgan Chase & Co. grew 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 purchasing an additional 5,448,904 shares during the period. FMR LLC grew 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 purchasing an additional 3,538,798 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of CareTrust REIT by 7.4% during 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 purchasing an additional 258,271 shares during the period. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Wall Street Analysts Forecast Growth

CTRE has been the topic of a number of recent analyst reports. Wedbush reaffirmed an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a research note on Friday. BMO Capital Markets cut shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $34.00 to $32.00 in a research note on Monday, December 9th. Royal Bank of Canada lowered their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research note on Thursday. Finally, Wells Fargo & Company lowered their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

CareTrust REIT Price Performance

NASDAQ:CTRE opened at $28.35 on Monday. The firm has a market cap of $5.32 billion, a price-to-earnings ratio of 35.89, a price-to-earnings-growth 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 company’s 50-day moving average is $26.42 and its two-hundred day moving average is $28.66. CareTrust REIT, Inc. has a 12-month low of $23.26 and a 12-month high of $33.15.

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 in the previous year, the business earned $0.25 earnings per share. Research analysts expect that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

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.