Mitsubishi UFJ Asset Management Co. Ltd. Purchases 24,556 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in CareTrust REIT, Inc. (NASDAQ:CTRE) by 24.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 123,446 shares of the real estate investment trust’s stock after buying an additional 24,556 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.07% of CareTrust REIT worth $3,301,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CTRE. JPMorgan Chase & Co. raised its holdings 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 valued at $212,267,000 after purchasing an additional 5,448,904 shares in the last quarter. Geode Capital Management LLC raised its holdings in CareTrust REIT by 7.4% during the third quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust’s stock valued at $115,209,000 after buying an additional 258,271 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in CareTrust REIT by 5.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust’s stock valued at $67,784,000 after buying an additional 126,280 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of CareTrust REIT in the third quarter worth about $576,000. Finally, Martingale Asset Management L P bought a new stake in shares of CareTrust REIT during the 3rd quarter worth about $784,000. Institutional investors own 87.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CTRE shares. 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. Wedbush restated an “underperform” rating and issued a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $34.00 to $32.00 in a research note on Monday, December 9th. Wells Fargo & Company cut their target price on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Finally, Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $31.00.

CareTrust REIT Stock Performance

NASDAQ:CTRE opened at $28.43 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The firm’s 50-day moving average is $26.92 and its 200-day moving average is $28.55. CareTrust REIT, Inc. has a 52-week low of $23.26 and a 52-week high of $33.15. The company has a market cap of $5.34 billion, a price-to-earnings ratio of 35.99, a PEG ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings results 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 period last year, the firm posted $0.25 earnings per share. Equities research analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.335 per share. The ex-dividend date is Monday, March 31st. This represents a $1.34 dividend on an annualized basis and a yield of 4.71%. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.29. CareTrust REIT’s payout ratio is currently 169.62%.

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.