Bank of New York Mellon Corp Has $67.87 Million Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Bank of New York Mellon Corp cut its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 5.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,374,863 shares of the real estate investment trust's stock after selling 131,020 shares during the period. Bank of New York Mellon Corp owned 1.27% of CareTrust REIT worth $67,874,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CTRE. Vanguard Group Inc. raised its holdings in shares of CareTrust REIT by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock worth $738,482,000 after acquiring an additional 4,263,097 shares during the last quarter. FMR LLC raised its position in CareTrust REIT by 51.8% in the 4th quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust's stock worth $214,586,000 after purchasing an additional 2,708,050 shares during the period. Raymond James Financial Inc. purchased a new position in CareTrust REIT in the 4th quarter worth $49,048,000. Balyasny Asset Management L.P. increased its position in shares of CareTrust REIT by 149.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust's stock valued at $73,269,000 after acquiring an additional 1,623,297 shares during the period. Finally, Norges Bank purchased a new position in shares of CareTrust REIT in the fourth quarter valued at about $33,180,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company boosted their price objective on shares of CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, June 2nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, CareTrust REIT currently has a consensus rating of "Moderate Buy" and an average target price of $31.17.

CareTrust REIT Price Performance

Shares of CareTrust REIT stock traded down $0.53 during trading on Tuesday, reaching $30.74. The company's stock had a trading volume of 686,155 shares, compared to its average volume of 1,852,174. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT, Inc. has a 12-month low of $24.79 and a 12-month high of $33.15. The business has a 50 day moving average price of $29.49 and a 200-day moving average price of $28.02. The company has a market capitalization of $5.89 billion, a P/E ratio of 38.91, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.335 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.34 annualized dividend and a yield of 4.36%. 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.