Alliancebernstein L.P. Has $19.49 Million Stock Position in CareTrust REIT, Inc. $CTRE

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. boosted its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 173.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 682,066 shares of the real estate investment trust's stock after purchasing an additional 433,020 shares during the quarter. Alliancebernstein L.P. owned about 0.36% of CareTrust REIT worth $19,493,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings 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 worth $818,445,000 after purchasing an additional 1,336,348 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position 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 purchasing an additional 68,693 shares during the period. Northern Trust Corp boosted its position in CareTrust REIT by 5.6% during the 1st quarter. Northern Trust Corp now owns 2,606,842 shares of the real estate investment trust's stock worth $74,504,000 after acquiring an additional 137,202 shares during the last quarter. Nuveen Asset Management LLC boosted its position in CareTrust REIT by 75.8% during the 4th quarter. Nuveen Asset Management LLC now owns 2,395,809 shares of the real estate investment trust's stock worth $64,807,000 after acquiring an additional 1,032,848 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its position in CareTrust REIT by 70.9% during the 4th quarter. Two Sigma Advisers LP now owns 2,388,900 shares of the real estate investment trust's stock worth $64,620,000 after acquiring an additional 991,400 shares during the last quarter. 87.77% of the stock is owned by institutional investors.

CareTrust REIT Trading Down 0.5%

Shares of CTRE stock traded down $0.16 during mid-day trading on Tuesday, reaching $34.09. 2,089,023 shares of the stock traded hands, compared to its average volume of 1,948,111. The stock's fifty day simple moving average is $32.80 and its two-hundred day simple moving average is $30.12. CareTrust REIT, Inc. has a 1-year low of $24.79 and a 1-year high of $34.92. The company has a market cap of $7.44 billion, a price-to-earnings ratio of 43.15, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84. 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 Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have recently commented on CTRE. Royal Bank Of Canada reissued an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. KeyCorp increased their price objective on CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Wells Fargo & Company increased their price objective on CareTrust REIT from $32.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 27th. Finally, Raymond James Financial set a $39.00 price target on CareTrust REIT and gave the stock a "strong-buy" rating in a research report on Tuesday, September 2nd. 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 given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.43.

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.