Allspring Global Investments Holdings LLC Acquires 15,523 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Allspring Global Investments Holdings LLC raised its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE) by 21.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,776 shares of the real estate investment trust’s stock after buying an additional 15,523 shares during the period. Allspring Global Investments Holdings LLC’s holdings in CareTrust REIT were worth $2,471,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CTRE. Vanguard Group Inc. raised its stake in CareTrust REIT by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust’s stock valued at $738,482,000 after buying an additional 4,263,097 shares during the period. FMR LLC raised its stake in CareTrust REIT by 51.8% in the fourth quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust’s stock valued at $214,586,000 after buying an additional 2,708,050 shares during the period. Raymond James Financial Inc. bought a new stake in CareTrust REIT in the fourth quarter valued at approximately $49,048,000. Balyasny Asset Management L.P. raised its stake in CareTrust REIT by 149.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust’s stock valued at $73,269,000 after buying an additional 1,623,297 shares during the period. Finally, Norges Bank bought a new stake in CareTrust REIT in the fourth quarter valued at approximately $33,180,000. Institutional investors own 87.77% of the company’s stock.

Analysts Set New Price Targets

CTRE has been the topic of several research reports. Wedbush reaffirmed an “underperform” rating and issued a $26.00 target price on shares of CareTrust REIT in a research report on Friday, March 14th. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Thursday, March 13th. Finally, Wells Fargo & Company upped their target price on CareTrust REIT from $31.00 to $32.00 and gave the company an “overweight” rating in a research report on Monday, June 2nd. One investment 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.17.

CareTrust REIT Trading Up 1.6%

Shares of NASDAQ:CTRE opened at $31.20 on Monday. The company has a market capitalization of $5.98 billion, a P/E ratio of 39.49, a P/E/G ratio of 1.25 and a beta of 0.84. CareTrust REIT, Inc. has a 1 year low of $24.79 and a 1 year high of $33.15. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The business’s 50 day simple moving average is $29.29 and its 200 day simple moving average is $27.89.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend is Monday, June 30th. CareTrust REIT’s dividend payout ratio is currently 145.65%.

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.