Moody National Bank Trust Division Makes New Investment in CareTrust REIT, Inc. (NASDAQ:CTRE)

Moody National Bank Trust Division bought a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 22,970 shares of the real estate investment trust’s stock, valued at approximately $621,000.

A number of other hedge funds also recently modified their holdings of the stock. Wellington Management Group LLP grew its stake in CareTrust REIT by 5.5% during the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock worth $394,948,000 after buying an additional 670,348 shares in the last quarter. State Street Corp lifted its holdings in shares of CareTrust REIT by 6.7% during the 3rd quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust’s stock worth $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% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock worth $212,267,000 after acquiring an additional 5,448,904 shares in the last quarter. FMR LLC increased its stake in 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 last quarter. Finally, Geode Capital Management LLC raised its position 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 purchasing an additional 258,271 shares in the last quarter. Institutional investors own 87.77% of the company’s stock.

Wall Street Analyst Weigh In

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

CareTrust REIT Stock Performance

CareTrust REIT stock opened at $26.58 on Wednesday. The business has a 50 day moving average of $28.63 and a 200-day moving average of $28.89. The company has a market capitalization of $4.56 billion, a P/E ratio of 36.92, a P/E/G ratio of 1.60 and a beta of 1.07. CareTrust REIT, Inc. has a 1 year low of $20.10 and a 1 year high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60.

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

CareTrust REIT Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.36%. The ex-dividend date is Tuesday, December 31st. CareTrust REIT’s payout ratio is presently 161.11%.

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.