Hennion & Walsh Asset Management Inc. Purchases New Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Hennion & Walsh Asset Management Inc. acquired a new stake in CareTrust REIT, Inc. (NASDAQ:CTRE) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 14,140 shares of the real estate investment trust’s stock, valued at approximately $382,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Hsbc Holdings PLC raised its holdings in shares of CareTrust REIT by 25.4% during the 2nd quarter. Hsbc Holdings PLC now owns 104,410 shares of the real estate investment trust’s stock valued at $2,618,000 after buying an additional 21,145 shares during the period. JPMorgan Chase & Co. raised its stake in shares of CareTrust REIT by 381.2% during 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 purchasing an additional 5,448,904 shares during the period. Eagle Asset Management Inc. raised its stake in shares of CareTrust REIT by 22.4% during the third quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust’s stock valued at $13,264,000 after purchasing an additional 78,560 shares during the period. Raymond James & Associates lifted its position in shares of CareTrust REIT by 10.6% during the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust’s stock worth $21,138,000 after purchasing an additional 65,756 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of CareTrust REIT in the third quarter valued at $7,475,000. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Stock Performance

Shares of CTRE stock opened at $27.17 on Wednesday. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of 37.74, a PEG ratio of 1.26 and a beta of 1.09. CareTrust REIT, Inc. has a one year low of $20.10 and a one year high of $33.15. The company’s 50-day simple moving average is $28.35 and its 200-day simple moving average is $28.93. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60.

CareTrust REIT (NASDAQ:CTRE) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.08). The firm had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same quarter in the previous year, the business posted $0.35 EPS. Equities analysts anticipate that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.16 annualized dividend and a yield of 4.27%. CareTrust REIT’s payout ratio is 161.11%.

Analyst Ratings Changes

CTRE has been the topic of several analyst reports. KeyCorp lifted their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Wedbush lowered CareTrust REIT from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $34.00 to $26.00 in a research report on Thursday, January 2nd. Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. Finally, BMO Capital Markets downgraded CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $34.00 to $32.00 in a report on Monday, December 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $30.67.

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.