PineBridge Investments L.P. Raises Position in CareTrust REIT Inc. (CTRE)
PineBridge Investments L.P. raised its position in shares of CareTrust REIT Inc. (NASDAQ:CTRE) by 29.8% during the second quarter, Holdings Channel reports. The institutional investor owned 7,345 shares of the real estate investment trust’s stock after buying an additional 1,687 shares during the period. PineBridge Investments L.P.’s holdings in CareTrust REIT were worth $101,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the stock. Heitman Real Estate Securities LLC acquired a new position in shares of CareTrust REIT during the first quarter worth $37,665,000. Renaissance Technologies LLC acquired a new position in shares of CareTrust REIT during the first quarter worth $1,158,000. Kennedy Capital Management Inc. increased its position in shares of CareTrust REIT by 96.8% in the first quarter. Kennedy Capital Management Inc. now owns 858,631 shares of the real estate investment trust’s stock worth $10,905,000 after buying an additional 422,360 shares in the last quarter. Groesbeck Investment Management Corp NJ increased its position in shares of CareTrust REIT by 3.6% in the first quarter. Groesbeck Investment Management Corp NJ now owns 155,400 shares of the real estate investment trust’s stock worth $1,974,000 after buying an additional 5,400 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp increased its position in shares of CareTrust REIT by 49.4% in the first quarter. OMERS ADMINISTRATION Corp now owns 24,800 shares of the real estate investment trust’s stock worth $315,000 after buying an additional 8,200 shares in the last quarter. Institutional investors own 82.52% of the company’s stock.
Shares of CareTrust REIT Inc. (NASDAQ:CTRE) opened at 13.81 on Friday. CareTrust REIT Inc. has a 12 month low of $9.12 and a 12 month high of $15.88. The firm’s 50-day moving average price is $14.80 and its 200-day moving average price is $13.85. The company has a market cap of $799.53 million, a PE ratio of 35.87 and a beta of 0.94.
CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings results on Monday, August 8th. The real estate investment trust reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.01. The firm had revenue of $25.70 million for the quarter, compared to analyst estimates of $23.68 million. CareTrust REIT had a return on equity of 6.02% and a net margin of 20.97%. The business’s quarterly revenue was up 47.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.25 EPS. Equities analysts predict that CareTrust REIT Inc. will post $1.10 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.92%. The ex-dividend date is Wednesday, September 28th. CareTrust REIT’s dividend payout ratio (DPR) is 44.44%.
Several equities research analysts recently commented on the company. Canaccord Genuity reissued a “buy” rating and issued a $18.00 price target on shares of CareTrust REIT in a research note on Thursday, September 8th. Raymond James Financial Inc. assumed coverage on CareTrust REIT in a research note on Thursday, August 25th. They issued an “outperform” rating and a $13.50 price target for the company. Zacks Investment Research raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a research note on Wednesday, August 10th. Wells Fargo & Co. assumed coverage on CareTrust REIT in a research note on Tuesday, July 26th. They issued a “market perform” rating for the company. Finally, Barclays PLC assumed coverage on CareTrust REIT in a research note on Monday, August 22nd. They issued an “equal weight” rating and a $16.00 price target for the company. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. CareTrust REIT presently has an average rating of “Buy” and a consensus target price of $15.75.
About CareTrust REIT
CareTrust REIT, Inc is a self-administered, self-managed real estate investment trust (REIT). The Company is primarily engaged in the ownership, acquisition and leasing of healthcare-related properties. The Company’s segment consists of investments in healthcare-related real estate assets. The Company’s real estate portfolio includes approximately 120 skilled nursing facilities (SNFs), assisted living facilities (ALFs) and independent living facilities (ILFs).
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