Financiere des Professionnels Fonds d investissement inc. Invests $274,000 in CareTrust REIT, Inc. $CTRE

Key Points

• Financiere des Professionnels Fonds d'investissement inc. acquired 8,968 shares of CareTrust REIT, valued at approximately $274,000, during the second quarter.
• Equities research analysts have a positive outlook on CareTrust REIT, with target prices raised by firms like Wells Fargo and KeyCorp, indicating a potential growth potential for the stock.
• The company has announced a quarterly dividend of $0.335 per share, set to be paid on October 15th, reflecting a 3.9% yield based on its annualized dividend.

Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 8,968 shares of the real estate investment trust's stock, valued at approximately $274,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its position in CareTrust REIT by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 28,636,981 shares of the real estate investment trust's stock valued at $818,445,000 after purchasing an additional 1,336,348 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of CareTrust REIT by 2.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,960,372 shares of the real estate investment trust's stock valued at $84,607,000 after acquiring an additional 68,693 shares during the period. Northern Trust Corp increased its holdings in shares of CareTrust REIT by 5.6% in the 1st quarter. Northern Trust Corp now owns 2,606,842 shares of the real estate investment trust's stock valued at $74,504,000 after acquiring an additional 137,202 shares during the period. Alyeska Investment Group L.P. increased its holdings in shares of CareTrust REIT by 51.3% in the 1st quarter. Alyeska Investment Group L.P. now owns 2,094,848 shares of the real estate investment trust's stock valued at $59,871,000 after acquiring an additional 710,006 shares during the period. Finally, Nuveen LLC purchased a new position in shares of CareTrust REIT in the 1st quarter valued at $49,049,000. 87.77% of the stock is owned by institutional investors.

CareTrust REIT Stock Performance

CareTrust REIT stock traded up $0.31 during trading hours on Tuesday, hitting $34.33. 1,326,322 shares of the stock traded hands, compared to its average volume of 1,963,160. The stock has a market capitalization of $7.49 billion, a price-to-earnings ratio of 43.44, a P/E/G ratio of 1.25 and a beta of 0.84. The firm's 50 day moving average price is $33.07 and its 200-day moving average price is $30.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. CareTrust REIT, Inc. has a 1 year low of $24.79 and a 1 year high of $35.08.

CareTrust REIT Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.335 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 3.9%. CareTrust REIT's dividend payout ratio is presently 111.67%.

Analysts Set New Price Targets

CTRE has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on CareTrust REIT from $32.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, August 27th. Raymond James Financial set a $39.00 price target on CareTrust REIT and gave the company a "strong-buy" rating in a report on Tuesday, September 2nd. Royal Bank Of Canada reiterated an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. Finally, KeyCorp lifted their price target on CareTrust REIT from $33.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $33.43.

CareTrust REIT 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.