Lazard Asset Management LLC Sells 36,947 Shares of CareTrust REIT, Inc. $CTRE

Key Points

• Lazard Asset Management cut its CareTrust REIT stake by 24.3% in the first quarter, selling 36,947 shares and retaining 114,865 shares valued at approximately $4.21 million. Institutional investors collectively own 87.77% of CTRE.
• CareTrust REIT shares were up 1.0% at $42.04, near the company’s 52-week high of $43.62. The company also pays a quarterly dividend of $0.39 per share, representing a 3.7% annualized yield.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $44.82; individual targets range as high as $47.

Lazard Asset Management LLC reduced its stake in CareTrust REIT, Inc. (NYSE:CTRE - Free Report) by 24.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 114,865 shares of the company's stock after selling 36,947 shares during the quarter. Lazard Asset Management LLC's holdings in CareTrust REIT were worth $4,210,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CTRE. Entropy Technologies LP grew its holdings in CareTrust REIT by 17.8% during the first quarter. Entropy Technologies LP now owns 33,454 shares of the company's stock valued at $1,226,000 after purchasing an additional 5,063 shares during the last quarter. Keebeck Wealth Management raised its position in shares of CareTrust REIT by 12.4% in the first quarter. Keebeck Wealth Management now owns 15,373 shares of the company's stock valued at $563,000 after purchasing an additional 1,690 shares during the period. Inceptionr LLC acquired a new stake in shares of CareTrust REIT in the first quarter worth $882,000. Lido Advisors LLC lifted its stake in shares of CareTrust REIT by 20.5% in the first quarter. Lido Advisors LLC now owns 14,394 shares of the company's stock worth $533,000 after buying an additional 2,453 shares during the last quarter. Finally, Militia Capital Management LLC bought a new stake in shares of CareTrust REIT during the 1st quarter worth $429,000. Institutional investors own 87.77% of the company's stock.

CareTrust REIT Stock Up 1.0%

CTRE opened at $42.04 on Friday. The business has a 50 day moving average of $40.14 and a 200-day moving average of $39.40. The stock has a market capitalization of $9.93 billion, a price-to-earnings ratio of 26.95, a P/E/G ratio of 1.88 and a beta of 0.76. The company has a current ratio of 2.38, a quick ratio of 2.37 and a debt-to-equity ratio of 0.22. CareTrust REIT, Inc. has a 1-year low of $31.33 and a 1-year high of $43.62.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.7%. The ex-dividend date was Tuesday, June 30th. CareTrust REIT's dividend payout ratio is presently 100.00%.

Analyst Ratings Changes

A number of research firms recently issued reports on CTRE. Weiss Ratings lowered shares of CareTrust REIT from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, July 21st. Raymond James Financial started coverage on shares of CareTrust REIT in a research report on Tuesday, June 16th. They set an "outperform" rating and a $43.00 target price for the company. Mizuho set a $45.00 price target on shares of CareTrust REIT in a report on Friday, May 22nd. Citigroup reaffirmed a "market outperform" rating on shares of CareTrust REIT in a research report on Wednesday, June 10th. Finally, Wells Fargo & Company lifted their price objective on CareTrust REIT from $42.00 to $47.00 and gave the stock an "overweight" rating in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $44.82.

About CareTrust REIT

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.

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