Bank of America Corp DE Raises Stock Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Bank of America Corp DE boosted its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 3.7% during the 4th quarter, according to 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 quarter. Bank of America Corp DE owned 0.24% of CareTrust REIT worth $10,993,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of CareTrust REIT by 264.9% during the 3rd quarter. Barclays PLC now owns 259,820 shares of the real estate investment trust's stock valued at $8,017,000 after buying an additional 188,622 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of CareTrust REIT by 381.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust's stock valued at $212,267,000 after buying an additional 5,448,904 shares during the period. Ameritas Advisory Services LLC lifted its holdings in shares of CareTrust REIT by 11.1% during the 4th quarter. Ameritas Advisory Services LLC now owns 14,111 shares of the real estate investment trust's stock valued at $382,000 after buying an additional 1,415 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of CareTrust REIT by 15.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 50,393 shares of the real estate investment trust's stock valued at $1,377,000 after buying an additional 6,711 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of CareTrust REIT by 428.7% during the 4th quarter. SG Americas Securities LLC now owns 29,460 shares of the real estate investment trust's stock valued at $797,000 after buying an additional 23,888 shares during the period. 87.77% of the stock is owned by institutional investors.

CareTrust REIT Stock Performance

CareTrust REIT stock traded down $0.43 during trading on Wednesday, reaching $28.73. The company had a trading volume of 609,734 shares, compared to its average volume of 1,814,774. CareTrust REIT, Inc. has a 52 week low of $24.35 and a 52 week high of $33.15. The firm's 50-day simple moving average is $28.49 and its 200 day simple moving average is $27.89. The firm has a market capitalization of $5.51 billion, a price-to-earnings ratio of 36.37, a price-to-earnings-growth ratio of 1.25 and a beta of 0.88. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date of this dividend was Monday, March 31st. This is a positive change from CareTrust REIT's previous quarterly dividend of $0.29. CareTrust REIT's dividend payout ratio is presently 145.65%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CTRE. Wedbush reissued an "underperform" rating and set a $26.00 price target on shares of CareTrust REIT in a report on Friday, March 14th. Wells Fargo & Company lowered their price target on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target on the stock in a report on Thursday, March 13th. Finally, Royal Bank of Canada decreased their target price on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. 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 stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $31.00.

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.