Summit Global Investments Has $1.24 Million Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Summit Global Investments grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 9.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,783 shares of the real estate investment trust’s stock after purchasing an additional 3,777 shares during the period. Summit Global Investments’ holdings in CareTrust REIT were worth $1,238,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Signaturefd LLC boosted its position in CareTrust REIT by 20.3% during the 4th quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 443 shares during the period. WealthShield Partners LLC boosted its position in CareTrust REIT by 1.0% during the 4th quarter. WealthShield Partners LLC now owns 49,119 shares of the real estate investment trust’s stock worth $1,343,000 after buying an additional 490 shares during the period. Quantinno Capital Management LP boosted its position in 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 worth $528,000 after buying an additional 533 shares during the period. PNC Financial Services Group Inc. boosted its position in CareTrust REIT by 4.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,384 shares of the real estate investment trust’s stock worth $308,000 after buying an additional 534 shares during the period. Finally, Blue Trust Inc. boosted its position in 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 worth $49,000 after buying an additional 603 shares during the period. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CTRE shares. Royal Bank of Canada cut their target price 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 cut their target price 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. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $34.00 to $32.00 in a report on Monday, December 9th. Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Thursday, March 13th. Finally, Wedbush restated an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a report on Friday, March 14th. One equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.00.

CareTrust REIT Stock Down 1.0 %

CareTrust REIT stock opened at $28.70 on Friday. The firm has a 50 day moving average price of $26.66 and a two-hundred day moving average price of $28.64. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of 36.33, a PEG ratio of 1.25 and a beta of 1.11. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. CareTrust REIT, Inc. has a 52-week low of $23.26 and a 52-week high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data 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 business posted $0.25 earnings per share. Equities analysts predict that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.335 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.34 annualized dividend and a dividend yield of 4.67%. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.29. CareTrust REIT’s payout ratio is currently 146.84%.

CareTrust REIT Company 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.