New Age Alpha Advisors LLC Takes Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

New Age Alpha Advisors LLC purchased a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 267,415 shares of the real estate investment trust’s stock, valued at approximately $7,234,000. New Age Alpha Advisors LLC owned approximately 0.16% of CareTrust REIT as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC grew its position in shares of CareTrust REIT by 20.3% during the 4th 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 period. WealthShield Partners LLC grew its holdings in CareTrust REIT by 1.0% in the fourth 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 increased its position in shares of CareTrust REIT by 3.2% in the third quarter. Quantinno Capital Management LP now owns 17,097 shares of the real estate investment trust’s stock valued at $528,000 after buying an additional 533 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of 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. raised its stake in shares of 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. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Stock Performance

Shares of CareTrust REIT stock opened at $28.60 on Friday. The business’s 50 day moving average price is $26.82 and its 200 day moving average price is $28.62. The company has a market cap of $5.37 billion, a price-to-earnings ratio of 36.20, 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 one year low of $23.26 and a one year high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last issued 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 return on equity of 5.59% and a net margin of 42.22%. During the same period last year, the company earned $0.25 earnings per share. On average, research analysts predict that CareTrust REIT, Inc. will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 4.69%. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Monday, March 31st. CareTrust REIT’s payout ratio is presently 169.62%.

Analyst Upgrades and Downgrades

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