Allianz Asset Management GmbH Purchases 102,111 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Key Points

• Allianz Asset Management GmbH significantly increased its holdings in CareTrust REIT by 954.3%, acquiring 102,111 additional shares in the first quarter, bringing its total ownership to worth approximately $3.2 million.
• Alongside Allianz, multiple hedge funds, such as Kestra Private Wealth Services LLC and Massachusetts Financial Services Co. MA, also boosted their stakes in CareTrust REIT, indicating strong institutional interest.
• CareTrust REIT announced a quarterly dividend of $0.335 per share, reflecting a dividend yield of 4.29%, although it has a high payout ratio of 145.65%.

Allianz Asset Management GmbH increased its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 954.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,811 shares of the real estate investment trust's stock after acquiring an additional 102,111 shares during the period. Allianz Asset Management GmbH owned approximately 0.06% of CareTrust REIT worth $3,224,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. FMR LLC boosted its holdings in CareTrust REIT by 51.8% during the fourth quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust's stock worth $214,586,000 after buying an additional 2,708,050 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of CareTrust REIT in the 4th quarter valued at approximately $49,048,000. Balyasny Asset Management L.P. lifted its position in shares of CareTrust REIT by 149.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust's stock valued at $73,269,000 after acquiring an additional 1,623,297 shares in the last quarter. Norges Bank purchased a new stake in shares of CareTrust REIT in the 4th quarter valued at approximately $33,180,000. Finally, Nuveen Asset Management LLC lifted its position in shares of CareTrust REIT by 75.8% in the 4th quarter. Nuveen Asset Management LLC now owns 2,395,809 shares of the real estate investment trust's stock valued at $64,807,000 after acquiring an additional 1,032,848 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Wells Fargo & Company upped their price target on shares of CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a research report on Monday, June 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $31.17.

CareTrust REIT Stock Up 0.8%

CTRE stock traded up $0.24 during midday trading on Wednesday, reaching $31.47. The company had a trading volume of 1,908,088 shares, compared to its average volume of 1,753,969. CareTrust REIT, Inc. has a 1 year low of $24.79 and a 1 year high of $33.15. 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 company has a market capitalization of $6.03 billion, a P/E ratio of 39.84, a PEG ratio of 1.25 and a beta of 0.84. The company has a 50 day moving average of $29.94 and a two-hundred day moving average of $28.35.

CareTrust REIT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.335 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.34 dividend on an annualized basis and a yield of 4.26%. CareTrust REIT's payout ratio is 145.65%.

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.