CareTrust REIT, Inc. $CTRE Position Increased by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its stake in CareTrust REIT, Inc. by 173.9%, owning approximately 0.36% of the company by the end of the quarter with shares valued at $19.5 million.
• CareTrust REIT announced a quarterly dividend of $0.335 per share, contributing to an annualized dividend yield of 4.0%.
• Analyst ratings for CareTrust REIT show a consensus of "Moderate Buy" with an average price target of $33.43 after various ratings adjustments.

Alliancebernstein L.P. lifted its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 173.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 682,066 shares of the real estate investment trust's stock after purchasing an additional 433,020 shares during the period. Alliancebernstein L.P. owned about 0.36% of CareTrust REIT worth $19,493,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Advisors Asset Management Inc. lifted its position in shares of CareTrust REIT by 32.1% during the first quarter. Advisors Asset Management Inc. now owns 4,896 shares of the real estate investment trust's stock worth $140,000 after purchasing an additional 1,189 shares in the last quarter. Alyeska Investment Group L.P. lifted its position in shares of CareTrust REIT by 51.3% during the first quarter. Alyeska Investment Group L.P. now owns 2,094,848 shares of the real estate investment trust's stock worth $59,871,000 after purchasing an additional 710,006 shares in the last quarter. Royal Bank of Canada lifted its position in shares of CareTrust REIT by 36.4% during the first quarter. Royal Bank of Canada now owns 179,501 shares of the real estate investment trust's stock worth $5,129,000 after purchasing an additional 47,936 shares in the last quarter. Twin Tree Management LP acquired a new position in shares of CareTrust REIT during the first quarter worth $58,000. Finally, Evergreen Capital Management LLC lifted its position in shares of CareTrust REIT by 27.5% during the first quarter. Evergreen Capital Management LLC now owns 14,168 shares of the real estate investment trust's stock worth $410,000 after purchasing an additional 3,058 shares in the last quarter. 87.77% of the stock is owned by institutional investors and hedge funds.

CareTrust REIT Stock Performance

CTRE stock traded up $0.03 during trading on Friday, hitting $34.23. 1,175,571 shares of the company's stock traded hands, compared to its average volume of 1,950,985. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 52 week low of $24.79 and a 52 week high of $34.92. The stock has a fifty day moving average price of $32.67 and a two-hundred day moving average price of $30.00. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 43.32, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84.

CareTrust REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $0.335 per share. The ex-dividend date was Monday, June 30th. This represents a $1.34 annualized dividend and a yield of 3.9%. CareTrust REIT's payout ratio is presently 111.67%.

Wall Street Analyst Weigh In

CTRE has been the topic of a number of recent research reports. Wells Fargo & Company boosted their target price on shares of 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 price target on shares of CareTrust REIT and gave the company a "strong-buy" rating in a report on Tuesday, September 2nd. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. Finally, KeyCorp upped their price target on shares of CareTrust REIT from $33.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $33.43.

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.