L & S Advisors Inc Makes New Investment in CareTrust REIT, Inc. (NASDAQ:CTRE)

Key Points

• L & S Advisors Inc has acquired a new stake in CareTrust REIT, purchasing 248,514 shares valued at approximately $7.1 million, making it the 28th largest holding in their portfolio.
• CareTrust REIT recently announced a quarterly dividend of $0.335 per share, representing an annualized yield of 4.2%, despite a high dividend payout ratio of 145.65%.
• Institutional investors own 87.77% of CareTrust REIT's stock, with significant stake increases reported from firms like FMR LLC and Balyasny Asset Management during the past quarter.

L & S Advisors Inc acquired a new position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 248,514 shares of the real estate investment trust's stock, valued at approximately $7,103,000. CareTrust REIT comprises about 0.9% of L & S Advisors Inc's holdings, making the stock its 28th biggest position. L & S Advisors Inc owned 0.13% of CareTrust REIT as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CTRE. Quarry LP grew its stake in shares of CareTrust REIT by 463.5% during the 4th quarter. Quarry LP now owns 1,854 shares of the real estate investment trust's stock worth $50,000 after purchasing an additional 1,525 shares during the period. Glen Eagle Advisors LLC acquired a new position in shares of CareTrust REIT during the 4th quarter worth $56,000. Fifth Third Bancorp grew its stake in shares of CareTrust REIT by 217.5% during the 1st quarter. Fifth Third Bancorp now owns 1,978 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 1,355 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of CareTrust REIT during the 4th quarter worth $76,000. Finally, Covestor Ltd grew its stake in shares of CareTrust REIT by 44.1% during the 4th quarter. Covestor Ltd now owns 5,206 shares of the real estate investment trust's stock worth $141,000 after purchasing an additional 1,593 shares during the period. 87.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wells Fargo & Company upped their price target on shares of CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a research note 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 assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.17.

CareTrust REIT Price Performance

NASDAQ CTRE traded down $0.02 during trading hours on Tuesday, reaching $32.88. The company's stock had a trading volume of 196,419 shares, compared to its average volume of 1,744,338. The stock has a market cap of $6.30 billion, a PE ratio of 41.61, a PEG ratio of 1.25 and a beta of 0.85. CareTrust REIT, Inc. has a fifty-two week low of $24.79 and a fifty-two week high of $33.15. The company's 50-day moving average is $30.22 and its two-hundred day moving average is $28.51. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82.

CareTrust REIT Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, June 30th. CareTrust REIT's dividend payout ratio (DPR) is currently 145.65%.

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.