Allspring Global Investments Holdings LLC Acquires 186,227 Shares of CareTrust REIT, Inc. $CTRE

Key Points

• Allspring Global Investments Holdings LLC increased its stake in CareTrust REIT by 214.6%, acquiring an additional 186,227 shares, bringing their total to 273,003 shares worth $8.3 million.
• Meritage Portfolio Management significantly boosted its holdings by 703.5%, now owning 196,456 shares of CareTrust REIT, highlighting a trend of increased institutional investment in the company.
• Recent analyst ratings have been positive, with Wells Fargo raising its target price for CareTrust REIT from $32.00 to $38.00 and assigning an "overweight" rating.

Allspring Global Investments Holdings LLC raised its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 214.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 273,003 shares of the real estate investment trust's stock after purchasing an additional 186,227 shares during the period. Allspring Global Investments Holdings LLC owned 0.14% of CareTrust REIT worth $8,316,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Meritage Portfolio Management boosted its holdings in CareTrust REIT by 703.5% in the 2nd quarter. Meritage Portfolio Management now owns 196,456 shares of the real estate investment trust's stock worth $6,012,000 after buying an additional 172,005 shares during the period. CWM LLC boosted its holdings in shares of CareTrust REIT by 47.6% in the second quarter. CWM LLC now owns 2,955 shares of the real estate investment trust's stock worth $90,000 after acquiring an additional 953 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in shares of CareTrust REIT by 30.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 24,050 shares of the real estate investment trust's stock valued at $736,000 after purchasing an additional 5,620 shares in the last quarter. Trust Co. of Toledo NA OH grew its position in shares of CareTrust REIT by 3.5% in the second quarter. Trust Co. of Toledo NA OH now owns 37,853 shares of the real estate investment trust's stock valued at $1,158,000 after purchasing an additional 1,285 shares in the last quarter. Finally, Inspire Investing LLC raised its stake in shares of CareTrust REIT by 6.7% during the 2nd quarter. Inspire Investing LLC now owns 12,852 shares of the real estate investment trust's stock valued at $393,000 after purchasing an additional 807 shares during the period. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on CTRE shares. Wells Fargo & Company raised their target price on CareTrust REIT from $32.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 27th. KeyCorp upped their target price on shares of CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Royal Bank Of Canada reissued an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. Cantor Fitzgerald initiated coverage on shares of CareTrust REIT in a research report on Wednesday, October 1st. They set a "neutral" rating and a $37.00 price target for the company. Finally, Raymond James Financial set a $39.00 price objective on CareTrust REIT and gave the stock a "strong-buy" rating in a research report on Tuesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $33.88.

CareTrust REIT Price Performance

Shares of NASDAQ:CTRE opened at $34.55 on Monday. The company's fifty day moving average price is $34.14 and its 200-day moving average price is $31.17. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The firm has a market capitalization of $7.54 billion, a price-to-earnings ratio of 43.74, a PEG ratio of 1.25 and a beta of 0.82. CareTrust REIT, Inc. has a one year low of $24.79 and a one year high of $35.68.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a dividend of $0.335 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.34 annualized dividend and a yield of 3.9%. CareTrust REIT's payout ratio is 111.67%.

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.

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