First Citizens Bank & Trust Co. Invests $578,000 in CareTrust REIT, Inc. $CTRE

First Citizens Bank & Trust Co. bought a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 18,899 shares of the real estate investment trust's stock, valued at approximately $578,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. D.A. Davidson & CO. increased its position in shares of CareTrust REIT by 0.8% during the second quarter. D.A. Davidson & CO. now owns 39,849 shares of the real estate investment trust's stock worth $1,219,000 after purchasing an additional 327 shares in the last quarter. J. W. Coons Advisors LLC increased its position in shares of CareTrust REIT by 4.1% during the first quarter. J. W. Coons Advisors LLC now owns 8,876 shares of the real estate investment trust's stock worth $254,000 after purchasing an additional 347 shares in the last quarter. Norinchukin Bank The increased its position in shares of CareTrust REIT by 4.6% during the first quarter. Norinchukin Bank The now owns 8,662 shares of the real estate investment trust's stock worth $248,000 after purchasing an additional 382 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in CareTrust REIT by 4.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 10,022 shares of the real estate investment trust's stock valued at $286,000 after acquiring an additional 435 shares during the period. Finally, 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. Institutional investors and hedge funds own 87.77% of the company's stock.

Analysts Set New Price Targets

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

CareTrust REIT Stock Performance

NASDAQ CTRE opened at $35.17 on Friday. 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's 50 day moving average is $34.30 and its two-hundred day moving average is $31.42. CareTrust REIT, Inc. has a 12-month low of $24.79 and a 12-month high of $35.68. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of 44.51, a PEG ratio of 1.25 and a beta of 0.82.

CareTrust REIT Dividend Announcement

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