CareTrust REIT, Inc. (NASDAQ:CTRE) Shares Acquired by Allianz Asset Management GmbH

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 holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 954.3% in the first quarter, according to its most recent filing with the SEC. The fund 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 about 0.06% of CareTrust REIT worth $3,224,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Quarry LP increased its holdings in CareTrust REIT by 463.5% during the 4th quarter. Quarry LP now owns 1,854 shares of the real estate investment trust's stock worth $50,000 after purchasing an additional 1,525 shares during the period. Fifth Third Bancorp increased its holdings in CareTrust REIT by 217.5% during the 1st quarter. Fifth Third Bancorp now owns 1,978 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 1,355 shares during the period. Glen Eagle Advisors LLC purchased a new position in CareTrust REIT during the 4th quarter worth $56,000. GF Fund Management CO. LTD. purchased a new position in CareTrust REIT during the 4th quarter worth $76,000. Finally, Covestor Ltd increased its holdings in CareTrust REIT by 44.1% during the 4th quarter. Covestor Ltd now owns 5,206 shares of the real estate investment trust's stock worth $141,000 after purchasing an additional 1,593 shares during the period. 87.77% of the stock is owned by institutional investors.

CareTrust REIT Stock Up 0.7%

CTRE stock traded up $0.21 on Friday, hitting $32.01. 1,656,148 shares of the company's stock were exchanged, compared to its average volume of 1,753,508. CareTrust REIT, Inc. has a 12-month low of $24.79 and a 12-month high of $33.15. The firm has a 50 day moving average price of $30.13 and a two-hundred day moving average price of $28.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The stock has a market cap of $6.14 billion, a P/E ratio of 40.52, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.335 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.34 dividend on an annualized basis and a yield of 4.2%. CareTrust REIT's payout ratio is currently 145.65%.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company lifted their price target on CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, June 2nd. One investment 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. Based on data from MarketBeat.com, CareTrust REIT currently has an average rating of "Moderate Buy" and an average price target of $31.17.

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.