Envestnet Portfolio Solutions Inc. Has $704,000 Stock Position in CareTrust REIT, Inc. $CTRE

Key Points

• Envestnet Portfolio Solutions Inc. increased its holdings in CareTrust REIT by 129.4% in Q2, bringing its total to approximately $704,000 worth of stock.
• CareTrust REIT recently declared a quarterly dividend of $0.335, representing an annual yield of 3.8%, despite a relatively high dividend payout ratio of 111.67%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for CareTrust REIT, with a target price of about $33.88, indicating an overall positive sentiment towards the stock's performance.

Envestnet Portfolio Solutions Inc. raised its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 129.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 22,991 shares of the real estate investment trust's stock after acquiring an additional 12,969 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in CareTrust REIT were worth $704,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. J. W. Coons Advisors LLC increased its position in CareTrust REIT by 4.1% in the 1st quarter. J. W. Coons Advisors LLC now owns 8,876 shares of the real estate investment trust's stock valued at $254,000 after acquiring an additional 347 shares during the period. Norinchukin Bank The increased its position in CareTrust REIT by 4.6% in the 1st quarter. Norinchukin Bank The now owns 8,662 shares of the real estate investment trust's stock valued at $248,000 after acquiring an additional 382 shares during the period. Smartleaf Asset Management LLC increased its position in CareTrust REIT by 10.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 5,555 shares of the real estate investment trust's stock valued at $161,000 after acquiring an additional 523 shares during the period. Moody National Bank Trust Division increased its position in shares of CareTrust REIT by 2.1% during the second quarter. Moody National Bank Trust Division now owns 26,483 shares of the real estate investment trust's stock worth $810,000 after buying an additional 548 shares during the period. Finally, Parallel Advisors LLC increased its position in shares of CareTrust REIT by 109.5% during the second quarter. Parallel Advisors LLC now owns 1,100 shares of the real estate investment trust's stock worth $34,000 after buying an additional 575 shares during the period. 87.77% of the stock is currently owned by institutional investors and hedge funds.

CareTrust REIT Trading Up 1.7%

NASDAQ:CTRE opened at $35.19 on Tuesday. 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 has a market capitalization of $7.67 billion, a price-to-earnings ratio of 44.54, a PEG ratio of 1.25 and a beta of 0.82. The firm has a fifty day simple moving average of $34.19 and a two-hundred day simple moving average of $31.22. CareTrust REIT, Inc. has a 12 month low of $24.79 and a 12 month high of $35.68.

CareTrust REIT Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Tuesday, September 30th. CareTrust REIT's dividend payout ratio (DPR) is presently 111.67%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CTRE shares. Royal Bank Of Canada reiterated an "outperform" rating on shares of CareTrust REIT in a research report on Monday, August 11th. KeyCorp increased their price objective on shares of CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Cantor Fitzgerald started coverage on shares of CareTrust REIT in a research report on Wednesday, October 1st. They set a "neutral" rating and a $37.00 price objective for the company. Raymond James Financial set a $39.00 price objective on shares of CareTrust REIT and gave the stock a "strong-buy" rating in a research report on Tuesday, September 2nd. Finally, Wells Fargo & Company increased their price objective on shares of CareTrust REIT from $32.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $33.88.

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.

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