BNP Paribas Financial Markets Acquires 70,418 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

BNP Paribas Financial Markets boosted its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 170.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 111,630 shares of the real estate investment trust’s stock after purchasing an additional 70,418 shares during the period. BNP Paribas Financial Markets owned about 0.07% of CareTrust REIT worth $3,020,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Algert Global LLC increased its holdings in shares of CareTrust REIT by 618.1% in the fourth quarter. Algert Global LLC now owns 97,573 shares of the real estate investment trust’s stock valued at $2,639,000 after purchasing an additional 83,985 shares in the last quarter. Aristeia Capital L.L.C. increased its holdings in shares of CareTrust REIT by 336.8% in the fourth quarter. Aristeia Capital L.L.C. now owns 35,268 shares of the real estate investment trust’s stock valued at $954,000 after purchasing an additional 27,193 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in shares of CareTrust REIT in the fourth quarter valued at approximately $1,132,000. Soros Fund Management LLC acquired a new stake in shares of CareTrust REIT in the fourth quarter valued at approximately $9,468,000. Finally, Northern Trust Corp increased its holdings in shares of CareTrust REIT by 45.1% in the fourth quarter. Northern Trust Corp now owns 2,469,640 shares of the real estate investment trust’s stock valued at $66,804,000 after purchasing an additional 767,640 shares in the last quarter. Institutional investors own 87.77% of the company’s stock.

Analysts Set New Price Targets

CTRE has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a report on Thursday, March 13th. Royal Bank of Canada reduced their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. 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 research report on Monday, March 10th. Finally, Wedbush reissued an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. One investment 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

CareTrust REIT Price Performance

Shares of NASDAQ CTRE opened at $28.61 on Friday. CareTrust REIT, Inc. has a twelve month low of $24.35 and a twelve month high of $33.15. The firm has a fifty day simple moving average of $28.36 and a 200 day simple moving average of $28.05. The company has a market capitalization of $5.48 billion, a PE ratio of 36.22, a P/E/G ratio of 1.25 and a beta of 0.88. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT (NASDAQ:CTRE) last posted 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 42.22% and a return on equity of 5.59%. During the same quarter in the prior year, the company earned $0.25 earnings per share. On average, sell-side analysts forecast that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.335 per share. 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. This represents a $1.34 annualized dividend and a yield of 4.68%. CareTrust REIT’s payout ratio is 145.65%.

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.