Northern Trust Corp Boosts Stake in CareTrust REIT, Inc. $CTRE

Key Points

• Northern Trust Corp increased its stake in CareTrust REIT by 5.6%, owning 2,606,842 shares valued at approximately $74.5 million as of the end of the first quarter.
• Analysts generally have a positive outlook on CareTrust REIT, with four giving it a Buy rating and a price target increase from $31.00 to $36.00 by KeyCorp.
• CareTrust REIT announced a quarterly dividend of $0.335 per share, representing an annual yield of 3.9%, though its payout ratio stands at 111.67%.

Northern Trust Corp increased its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 5.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,606,842 shares of the real estate investment trust's stock after purchasing an additional 137,202 shares during the period. Northern Trust Corp owned approximately 1.36% of CareTrust REIT worth $74,504,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in CareTrust REIT by 4.9% in the first quarter. Vanguard Group Inc. now owns 28,636,981 shares of the real estate investment trust's stock valued at $818,445,000 after acquiring an additional 1,336,348 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in CareTrust REIT by 2.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,960,372 shares of the real estate investment trust's stock worth $84,607,000 after acquiring an additional 68,693 shares during the period. Balyasny Asset Management L.P. lifted its holdings in CareTrust REIT by 149.6% during the fourth 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 during the period. Dimensional Fund Advisors LP lifted its holdings in CareTrust REIT by 15.4% during the fourth 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 during the period. Finally, Nuveen Asset Management LLC lifted its holdings in CareTrust REIT by 75.8% during the fourth quarter. Nuveen Asset Management LLC now owns 2,395,809 shares of the real estate investment trust's stock worth $64,807,000 after acquiring an additional 1,032,848 shares during the period. Institutional investors and hedge funds own 87.77% of the company's stock.

CareTrust REIT Price Performance

CareTrust REIT stock traded down $0.06 during midday trading on Friday, hitting $34.40. 2,124,496 shares of the company's stock were exchanged, compared to its average volume of 1,956,532. CareTrust REIT, Inc. has a 52-week low of $24.79 and a 52-week high of $34.92. The stock has a 50-day moving average price of $31.91 and a two-hundred day moving average price of $29.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The company has a market cap of $7.50 billion, a P/E ratio of 43.54, a PEG ratio of 1.25 and a beta of 0.85.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Monday, June 30th. CareTrust REIT's payout ratio is 111.67%.

Wall Street Analyst Weigh In

CTRE has been the topic of a number of recent analyst reports. KeyCorp lifted their price target on CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Wells Fargo & Company boosted their target price on CareTrust REIT from $32.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of CareTrust REIT in a research note on Monday, August 11th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.50.

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.