PNC Financial Services Group Inc. Acquires 534 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

PNC Financial Services Group Inc. increased its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 4.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,384 shares of the real estate investment trust’s stock after acquiring an additional 534 shares during the quarter. PNC Financial Services Group Inc.’s holdings in CareTrust REIT were worth $308,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in 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 worth $212,267,000 after buying an additional 5,448,904 shares in the last quarter. FMR LLC grew its stake in CareTrust REIT by 209.9% during the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after buying an additional 3,538,798 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in CareTrust REIT during the fourth quarter worth about $49,048,000. Heitman Real Estate Securities LLC acquired a new stake in CareTrust REIT during the third quarter worth about $27,534,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in CareTrust REIT by 344.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 951,535 shares of the real estate investment trust’s stock worth $29,364,000 after buying an additional 737,236 shares in the last quarter. 87.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

CareTrust REIT Trading Down 1.0 %

CTRE opened at $28.70 on Friday. The company’s 50 day moving average is $26.66 and its 200-day moving average is $28.64. CareTrust REIT, Inc. has a 1-year low of $23.26 and a 1-year high of $33.15. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The company has a market cap of $5.39 billion, a P/E ratio of 36.33, a PEG ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings data 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 net margin of 42.22% and a return on equity of 5.59%. During the same quarter in the prior year, the business posted $0.25 earnings per share. Equities research analysts predict 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 issued a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date is Monday, March 31st. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.29. CareTrust REIT’s dividend payout ratio (DPR) is 146.84%.

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.