Fifth Third Bancorp Buys 3,286 Shares of CareTrust REIT, Inc. $CTRE

Fifth Third Bancorp lifted its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 166.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,264 shares of the real estate investment trust’s stock after purchasing an additional 3,286 shares during the quarter. Fifth Third Bancorp’s holdings in CareTrust REIT were worth $161,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. J. W. Coons Advisors LLC raised its stake in shares of CareTrust REIT by 4.1% during the 1st quarter. J. W. Coons Advisors LLC now owns 8,876 shares of the real estate investment trust’s stock valued at $254,000 after purchasing an additional 347 shares during the period. Norinchukin Bank The grew its position in CareTrust REIT by 4.6% during the first quarter. Norinchukin Bank The now owns 8,662 shares of the real estate investment trust’s stock worth $248,000 after buying an additional 382 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in CareTrust REIT by 4.5% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 10,022 shares of the real estate investment trust’s stock worth $286,000 after buying an additional 435 shares in the last quarter. Smartleaf Asset Management LLC grew its position in CareTrust REIT by 10.4% during the first quarter. Smartleaf Asset Management LLC now owns 5,555 shares of the real estate investment trust’s stock worth $161,000 after buying an additional 523 shares in the last quarter. Finally, Moody National Bank Trust Division grew its position in CareTrust REIT by 2.1% during the second quarter. Moody National Bank Trust Division now owns 26,483 shares of the real estate investment trust’s stock worth $810,000 after buying an additional 548 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors.

CareTrust REIT Price Performance

CTRE opened at $35.25 on Thursday. The stock has a 50-day moving average price of $33.64 and a 200-day moving average price of $30.70. CareTrust REIT, Inc. has a 12-month low of $24.79 and a 12-month high of $35.28. 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 stock has a market capitalization of $7.69 billion, a P/E ratio of 44.61, a PEG ratio of 1.25 and a beta of 0.84.

CareTrust REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, September 30th. CareTrust REIT’s dividend payout ratio is presently 111.67%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Wells Fargo & Company boosted their target price on CareTrust REIT from $32.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 27th. Raymond James Financial set a $39.00 target price on CareTrust REIT and gave the stock a “strong-buy” rating in a research report on Tuesday, September 2nd. Cantor Fitzgerald assumed coverage on CareTrust REIT in a research report on Wednesday. They set a “neutral” rating and a $37.00 target price for the company. KeyCorp boosted their target price on CareTrust REIT from $33.00 to $36.00 and gave the stock an “overweight” rating in a research report on Thursday, August 14th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of CareTrust REIT in a research report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.88.

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.