CareTrust REIT, Inc. $CTRE Shares Acquired by Algert Global LLC

Key Points

• Algert Global LLC increased its stake in CareTrust REIT by 122.5% in Q1, owning 217,093 shares valued at approximately $6.2 million by the end of the quarter.
• The company recently announced a quarterly dividend of $0.335 per share, providing an annual yield of 4.0%, although the payout ratio stands at 111.67%.
• Analysts have shown positive sentiment towards CareTrust REIT, with several upgrading their ratings and price targets, resulting in a consensus rating of "Moderate Buy" and an average price target of $31.50.

Algert Global LLC increased its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 122.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 217,093 shares of the real estate investment trust's stock after acquiring an additional 119,520 shares during the quarter. Algert Global LLC owned about 0.11% of CareTrust REIT worth $6,205,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in CareTrust REIT by 21.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 86,776 shares of the real estate investment trust's stock worth $2,471,000 after acquiring an additional 15,523 shares in the last quarter. Principal Financial Group Inc. increased its stake in CareTrust REIT by 3.0% in the first quarter. Principal Financial Group Inc. now owns 1,066,093 shares of the real estate investment trust's stock valued at $30,469,000 after purchasing an additional 31,279 shares during the period. KBC Group NV increased its stake in CareTrust REIT by 33.6% in the first quarter. KBC Group NV now owns 7,448 shares of the real estate investment trust's stock valued at $213,000 after purchasing an additional 1,875 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in CareTrust REIT by 8.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 48,495 shares of the real estate investment trust's stock valued at $1,386,000 after purchasing an additional 3,626 shares during the period. Finally, Asset Management One Co. Ltd. increased its stake in CareTrust REIT by 4.0% in the first quarter. Asset Management One Co. Ltd. now owns 416,091 shares of the real estate investment trust's stock valued at $11,892,000 after purchasing an additional 16,008 shares during the period. 87.77% of the stock is currently owned by institutional investors and hedge funds.

CareTrust REIT Stock Performance

Shares of CareTrust REIT stock traded down $0.17 on Friday, reaching $34.37. 1,999,436 shares of the stock were exchanged, compared to its average volume of 1,965,201. CareTrust REIT, Inc. has a 1-year low of $24.79 and a 1-year high of $34.92. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average price of $31.49 and a two-hundred day moving average price of $29.13. The firm has a market capitalization of $7.50 billion, a PE ratio of 43.51, a PEG ratio of 1.25 and a beta of 0.85.

CareTrust REIT Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. KeyCorp lifted their price objective on shares of CareTrust REIT from $33.00 to $36.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Royal Bank Of Canada restated an "outperform" rating on shares of CareTrust REIT in a research note on Monday, August 11th. Finally, Wells Fargo & Company lifted their price objective on shares of CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a research note on Monday, June 2nd. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, CareTrust REIT presently has a consensus rating of "Moderate Buy" and an average target price of $31.50.

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.