Prudential Financial Inc. Buys 190,982 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Prudential Financial Inc. increased its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 8.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,396,050 shares of the real estate investment trust’s stock after buying an additional 190,982 shares during the quarter. Prudential Financial Inc. owned approximately 1.40% of CareTrust REIT worth $64,813,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Signaturefd LLC lifted its stake in CareTrust REIT by 20.3% in the fourth quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 443 shares during the last quarter. WealthShield Partners LLC raised its holdings in shares of CareTrust REIT by 1.0% in the 4th quarter. WealthShield Partners LLC now owns 49,119 shares of the real estate investment trust’s stock valued at $1,343,000 after purchasing an additional 490 shares during the period. Quantinno Capital Management LP lifted its stake in CareTrust REIT by 3.2% in the 3rd quarter. Quantinno Capital Management LP now owns 17,097 shares of the real estate investment trust’s stock valued at $528,000 after purchasing an additional 533 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in CareTrust REIT by 4.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,384 shares of the real estate investment trust’s stock worth $308,000 after purchasing an additional 534 shares during the period. Finally, Blue Trust Inc. raised its stake in CareTrust REIT by 50.0% in the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 603 shares during the period. 87.77% of the stock is owned by institutional investors.

CareTrust REIT Price Performance

CTRE stock opened at $28.98 on Tuesday. The company’s 50-day moving average price is $26.71 and its two-hundred day moving average price is $28.62. CareTrust REIT, Inc. has a 12 month low of $23.26 and a 12 month high of $33.15. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The firm has a market cap of $5.44 billion, a P/E ratio of 36.69, a P/E/G ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS 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 last year, the company earned $0.25 EPS. On average, analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.335 dividend. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a yield of 4.62%. CareTrust REIT’s dividend payout ratio (DPR) is 169.62%.

Analyst Ratings Changes

Several brokerages have recently commented on CTRE. BMO Capital Markets downgraded CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. Royal Bank of Canada decreased their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Wells Fargo & Company dropped 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 report on Monday, March 10th. Wedbush reiterated an “underperform” rating and issued a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $31.00.

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.