Bank of America Corp DE Has $10.99 Million Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Bank of America Corp DE increased its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 3.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 406,388 shares of the real estate investment trust's stock after acquiring an additional 14,550 shares during the period. Bank of America Corp DE owned about 0.24% of CareTrust REIT worth $10,993,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Signaturefd LLC lifted its position in shares of CareTrust REIT by 20.3% in the fourth quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust's stock worth $71,000 after purchasing an additional 443 shares in the last quarter. WealthShield Partners LLC grew its holdings in shares of CareTrust REIT by 1.0% during the 4th quarter. WealthShield Partners LLC now owns 49,119 shares of the real estate investment trust's stock valued at $1,343,000 after acquiring an additional 490 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of CareTrust REIT by 4.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,384 shares of the real estate investment trust's stock valued at $308,000 after acquiring an additional 534 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of CareTrust REIT by 5.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 11,777 shares of the real estate investment trust's stock worth $319,000 after acquiring an additional 601 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in CareTrust REIT by 50.0% during the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 603 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on CTRE shares. Wells Fargo & Company dropped their target price on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating on the stock in a research report on Monday, March 10th. Royal Bank of Canada reduced their target price on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a report on Friday, February 21st. Wedbush reaffirmed an "underperform" rating and set a $26.00 target price on shares of CareTrust REIT in a research report on Friday, March 14th. Finally, Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target on the stock in a research report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $31.00.

CareTrust REIT Stock Performance

Shares of NASDAQ CTRE traded up $0.58 during trading hours on Tuesday, hitting $29.18. 1,361,674 shares of the company's stock were exchanged, compared to its average volume of 1,819,062. The company's 50-day moving average price is $28.49 and its 200-day moving average price is $27.88. CareTrust REIT, Inc. has a 1-year low of $24.35 and a 1-year high of $33.15. The stock has a market capitalization of $5.59 billion, a price-to-earnings ratio of 36.94, a PEG ratio of 1.25 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.335 per share. The ex-dividend date was Monday, March 31st. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.59%. 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.