Allspring Global Investments Holdings LLC Acquires 15,523 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Allspring Global Investments Holdings LLC lifted its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 21.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,776 shares of the real estate investment trust's stock after buying an additional 15,523 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in CareTrust REIT were worth $2,471,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in CareTrust REIT by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock valued at $738,482,000 after purchasing an additional 4,263,097 shares during the period. FMR LLC boosted its stake in shares of CareTrust REIT by 51.8% in the fourth quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust's stock valued at $214,586,000 after purchasing an additional 2,708,050 shares during the period. Raymond James Financial Inc. purchased a new position in shares of CareTrust REIT in the fourth quarter valued at $49,048,000. Balyasny Asset Management L.P. raised its holdings in CareTrust REIT by 149.6% in the fourth 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. Finally, Norges Bank acquired a new stake in CareTrust REIT in the fourth quarter valued at $33,180,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CTRE shares. Wells Fargo & Company increased their target price on shares of CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a report on Monday, June 2nd. Wedbush restated an "underperform" rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 target price for the company in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, CareTrust REIT presently has an average rating of "Moderate Buy" and an average price target of $31.17.

CareTrust REIT Stock Down 0.6%

Shares of NASDAQ:CTRE traded down $0.18 on Tuesday, reaching $30.87. The company had a trading volume of 57,871 shares, compared to its average volume of 1,818,007. CareTrust REIT, Inc. has a twelve month low of $24.79 and a twelve month high of $33.15. The stock has a 50-day moving average price of $29.34 and a 200 day moving average price of $27.92. The stock has a market capitalization of $5.92 billion, a P/E ratio of 39.07, a P/E/G 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.335 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.34 annualized dividend and a yield of 4.34%. CareTrust REIT's dividend payout ratio (DPR) is 145.65%.

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.