Charles Schwab Investment Management Inc. Acquires 568,634 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)
Charles Schwab Investment Management Inc. grew its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE – Free Report) by 24.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 2,891,679 shares of the real estate investment trust’s stock after buying an additional 568,634 shares during the period. Charles Schwab Investment Management Inc.’s holdings in CareTrust REIT were worth $78,220,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CTRE. Wellington Management Group LLP boosted its position in shares of CareTrust REIT by 5.5% in the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock valued at $394,948,000 after acquiring an additional 670,348 shares during the period. State Street Corp boosted its position in shares of CareTrust REIT by 6.7% in the third quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust’s stock valued at $259,255,000 after acquiring an additional 520,783 shares during the period. JPMorgan Chase & Co. boosted its position in shares of CareTrust REIT by 381.2% in the third quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock valued at $212,267,000 after acquiring an additional 5,448,904 shares during the period. FMR LLC boosted its position in shares of CareTrust REIT by 209.9% in the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock valued at $161,240,000 after acquiring an additional 3,538,798 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of CareTrust REIT by 7.4% in 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 acquiring an additional 258,271 shares during the period. Institutional investors own 87.77% of the company’s stock.
Analyst Ratings Changes
CTRE has been the subject of a number of analyst reports. Wedbush lowered shares of CareTrust REIT from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $34.00 to $26.00 in a research report on Thursday, January 2nd. Royal Bank of Canada cut their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Wells Fargo & Company dropped 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. Finally, BMO Capital Markets cut shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, CareTrust REIT presently has a consensus rating of “Hold” and a consensus target price of $30.33.
Check Out Our Latest Research Report on CareTrust REIT
CareTrust REIT Price Performance
CTRE stock opened at $25.78 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. CareTrust REIT, Inc. has a one year low of $23.26 and a one year high of $33.15. The stock has a market cap of $4.84 billion, a PE ratio of 32.63, a P/E/G ratio of 1.25 and a beta of 1.11. The firm has a 50 day simple moving average of $26.41 and a two-hundred day simple moving average of $28.74.
CareTrust REIT (NASDAQ:CTRE – Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share 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 quarter in the prior year, the business earned $0.25 earnings per share. On average, analysts predict that CareTrust REIT, Inc. will post 1.71 EPS for the current fiscal year.
CareTrust REIT Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.29 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.50%. CareTrust REIT’s payout ratio is 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.
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