CareTrust REIT, Inc. (NASDAQ:CTRE) Shares Sold by Public Sector Pension Investment Board

Key Points

• Public Sector Pension Investment Board reduced its stake in CareTrust REIT by 8.9%, selling 58,429 shares during the first quarter, lowering its ownership to 595,173 shares valued at $17 million.
• Vanguard Group increased its stake in CareTrust REIT by 4.9%, acquiring over 1.3 million additional shares, while other institutional investors also raised their positions, bringing institutional ownership to 87.77%.
• Analysts have a consensus rating of "Moderate Buy" for CareTrust REIT, with a target price of $31.17 and a recent price increase estimate from Wells Fargo to $32.00.

Public Sector Pension Investment Board lessened its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 8.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 595,173 shares of the real estate investment trust's stock after selling 58,429 shares during the quarter. Public Sector Pension Investment Board owned 0.31% of CareTrust REIT worth $17,010,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in CareTrust REIT by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 28,636,981 shares of the real estate investment trust's stock valued at $818,445,000 after purchasing an additional 1,336,348 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in CareTrust REIT by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,960,372 shares of the real estate investment trust's stock valued at $84,607,000 after purchasing an additional 68,693 shares in the last quarter. Balyasny Asset Management L.P. grew its position in shares of CareTrust REIT by 149.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust's stock worth $73,269,000 after acquiring an additional 1,623,297 shares in the last quarter. Northern Trust Corp grew its position in shares of CareTrust REIT by 45.1% in the 4th quarter. Northern Trust Corp now owns 2,469,640 shares of the real estate investment trust's stock worth $66,804,000 after acquiring an additional 767,640 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of CareTrust REIT by 15.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,443,829 shares of the real estate investment trust's stock worth $66,105,000 after acquiring an additional 325,217 shares in the last quarter. Institutional investors and hedge funds own 87.77% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on CTRE shares. Wells Fargo & Company lifted their target price on CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a research report on Monday, June 2nd. Royal Bank Of Canada reiterated an "outperform" rating on shares of CareTrust REIT in a research report on Monday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $31.17.

CareTrust REIT Trading Up 0.0%

Shares of NASDAQ CTRE opened at $32.90 on Tuesday. The company has a market cap of $6.59 billion, a price-to-earnings ratio of 41.65, a price-to-earnings-growth ratio of 1.25 and a beta of 0.85. CareTrust REIT, Inc. has a 12-month low of $24.79 and a 12-month high of $33.52. 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 stock's 50 day simple moving average is $30.61 and its 200 day simple moving average is $28.72.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.335 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.34 annualized dividend and a dividend yield of 4.1%. CareTrust REIT's dividend payout ratio (DPR) is 111.67%.

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.

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