Thrivent Financial for Lutherans Grows Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

Thrivent Financial for Lutherans grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 157.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 311,358 shares of the real estate investment trust’s stock after acquiring an additional 190,259 shares during the period. Thrivent Financial for Lutherans owned about 0.18% of CareTrust REIT worth $8,422,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Advantage Trust Co purchased a new stake in shares of CareTrust REIT in the 4th quarter valued at approximately $30,000. Versant Capital Management Inc boosted its position in CareTrust REIT by 98.8% in the 4th quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 743 shares during the period. Blue Trust Inc. boosted its position in CareTrust REIT by 50.0% in the 4th quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 603 shares during the period. Loomis Sayles & Co. L P boosted its position in CareTrust REIT by 5,527.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,026 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 1,990 shares during the period. Finally, FSA Wealth Management LLC purchased a new position in CareTrust REIT in the third quarter valued at $80,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

CareTrust REIT Trading Down 1.0 %

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

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate 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 period last year, the firm earned $0.25 EPS. As a group, analysts anticipate that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.335 dividend. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a dividend yield of 4.67%. The ex-dividend date of this dividend is Monday, March 31st. CareTrust REIT’s payout ratio is presently 146.84%.

Analysts Set New Price Targets

CTRE has been the subject of several analyst reports. Royal Bank of Canada lowered their target price on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. Wedbush reissued an “underperform” rating and set a $26.00 target price on shares of CareTrust REIT in a research note on Friday, March 14th. Wells Fargo & Company lowered their target price on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Finally, Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

About CareTrust REIT

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.