380,588 Shares in CareTrust REIT, Inc. $CTRE Purchased by Copeland Capital Management LLC

Key Points

• Copeland Capital Management LLC purchased 380,588 shares of CareTrust REIT, Inc. during the 2nd quarter, valued at approximately $11.6 million, increasing its ownership stake to about 0.20% of the company.
• Wall Street analysts generally hold a positive outlook on CareTrust REIT, with ratings including "overweight", "strong buy", and a consensus price target of $33.88.
• CareTrust REIT recently declared a quarterly dividend of $0.335, which equates to an annualized yield of 3.8%, despite a payout ratio of 111.67%.

Copeland Capital Management LLC bought a new position in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 380,588 shares of the real estate investment trust's stock, valued at approximately $11,646,000. Copeland Capital Management LLC owned about 0.20% of CareTrust REIT at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in shares of CareTrust REIT by 21.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 86,776 shares of the real estate investment trust's stock worth $2,471,000 after purchasing an additional 15,523 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of CareTrust REIT by 3.0% in the first quarter. Principal Financial Group Inc. now owns 1,066,093 shares of the real estate investment trust's stock worth $30,469,000 after purchasing an additional 31,279 shares during the last quarter. KBC Group NV grew its stake in shares of CareTrust REIT by 33.6% in the first quarter. KBC Group NV now owns 7,448 shares of the real estate investment trust's stock worth $213,000 after purchasing an additional 1,875 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of CareTrust REIT by 8.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 48,495 shares of the real estate investment trust's stock worth $1,386,000 after purchasing an additional 3,626 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its stake in shares of CareTrust REIT by 4.0% in the first quarter. Asset Management One Co. Ltd. now owns 416,091 shares of the real estate investment trust's stock worth $11,892,000 after purchasing an additional 16,008 shares during the last quarter. 87.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CTRE. Wells Fargo & Company lifted their price objective on CareTrust REIT from $32.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, August 27th. KeyCorp lifted their price objective on CareTrust REIT from $33.00 to $36.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of CareTrust REIT in a research report on Monday, August 11th. Raymond James Financial set a $39.00 price objective on CareTrust REIT and gave the company a "strong-buy" rating in a research report on Tuesday, September 2nd. Finally, Cantor Fitzgerald began coverage on CareTrust REIT in a research report on Wednesday. They set a "neutral" rating and a $37.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $33.88.

CareTrust REIT Stock Performance

Shares of CTRE opened at $35.46 on Friday. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The business's 50 day moving average price is $33.79 and its 200-day moving average price is $30.79. CareTrust REIT, Inc. has a 52 week low of $24.79 and a 52 week high of $35.68. The stock has a market cap of $7.73 billion, a P/E ratio of 44.88, a P/E/G ratio of 1.25 and a beta of 0.82.

CareTrust REIT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given 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 of this dividend is Tuesday, September 30th. CareTrust REIT's payout ratio is currently 111.67%.

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.

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