Bank of America Corp DE Has $44.53 Million Stock Position in CareTrust REIT, Inc. $CTRE

Key Points

• Bank of America increased its CareTrust REIT stake by 21.5% in the first quarter, owning 1.21 million shares worth approximately $44.5 million, or 0.51% of the company. Institutional investors collectively own 87.77% of CTRE.
• Analysts remain broadly positive, with the stock carrying an average “Buy” rating and a consensus price target of $44.91. Recent targets range from $43 to $47.
• CareTrust REIT opened at $39.08 and recently paid a quarterly dividend of $0.39, equivalent to $1.56 annually and a 4.0% yield; its payout ratio is 98.11%.

Bank of America Corp DE lifted its position in CareTrust REIT, Inc. (NYSE:CTRE - Free Report) by 21.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,214,974 shares of the company's stock after acquiring an additional 214,992 shares during the period. Bank of America Corp DE owned about 0.51% of CareTrust REIT worth $44,529,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Kemnay Advisory Services Inc. acquired a new stake in CareTrust REIT during the 4th quarter valued at $27,000. Transamerica Financial Advisors LLC boosted its position in shares of CareTrust REIT by 520.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 868 shares of the company's stock worth $32,000 after buying an additional 728 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of CareTrust REIT by 134.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the company's stock valued at $34,000 after buying an additional 644 shares in the last quarter. Mcguire Capital Advisors Inc. purchased a new position in shares of CareTrust REIT during the fourth quarter valued at $40,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in CareTrust REIT during the fourth quarter valued at $44,000. Institutional investors and hedge funds own 87.77% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CTRE. Wells Fargo & Company increased their price objective on CareTrust REIT from $42.00 to $47.00 and gave the stock an "overweight" rating in a research note on Monday, June 1st. Raymond James Financial began coverage on CareTrust REIT in a report on Tuesday, June 16th. They issued an "outperform" rating and a $43.00 target price on the stock. KeyCorp reissued an "overweight" rating and issued a $46.00 price target on shares of CareTrust REIT in a research report on Friday, May 29th. Weiss Ratings upgraded shares of CareTrust REIT from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, August 5th. Finally, Mizuho set a $45.00 price objective on shares of CareTrust REIT in a research report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $44.91.

CareTrust REIT Stock Performance

Shares of CTRE stock opened at $39.08 on Thursday. CareTrust REIT, Inc. has a fifty-two week low of $32.25 and a fifty-two week high of $43.62. The stock's 50-day moving average is $40.16 and its two-hundred day moving average is $39.59. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market cap of $9.23 billion, a P/E ratio of 24.58, a PEG ratio of 1.74 and a beta of 0.75.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.39 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.56 dividend on an annualized basis and a yield of 4.0%. CareTrust REIT's dividend payout ratio is currently 98.11%.

About CareTrust REIT

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.

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