Principal Financial Group Inc. Has $26.44 Million Holdings in CareTrust REIT, Inc. $CTRE

Key Points

• Principal Financial Group cut its stake in CareTrust REIT by 45.7% in the first quarter, selling 607,156 shares and leaving it with 721,504 shares worth about $26.44 million.
• Institutional ownership remains very high, with 87.77% of CareTrust REIT shares held by institutions and hedge funds; several other investors also added new positions or increased holdings.
• CareTrust REIT stock was trading near its 52-week high at $42.39, while analysts remain generally positive with an average Buy rating and a target price of $44.82.

Principal Financial Group Inc. cut its position in CareTrust REIT, Inc. (NYSE:CTRE - Free Report) by 45.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 721,504 shares of the company's stock after selling 607,156 shares during the quarter. Principal Financial Group Inc. owned about 0.32% of CareTrust REIT worth $26,443,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Sound Income Strategies LLC grew its holdings in CareTrust REIT by 6.4% in the 4th quarter. Sound Income Strategies LLC now owns 621,732 shares of the company's stock valued at $23,477,000 after buying an additional 37,503 shares in the last quarter. B&I Capital AG acquired a new stake in shares of CareTrust REIT during the fourth quarter worth $10,989,000. M&T Bank Corp bought a new stake in shares of CareTrust REIT in the fourth quarter valued at about $894,000. Vanderbilt University bought a new stake in shares of CareTrust REIT in the fourth quarter valued at about $1,125,000. Finally, Jennison Associates LLC acquired a new position in shares of CareTrust REIT in the fourth quarter valued at about $1,156,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

CareTrust REIT Price Performance

CTRE stock opened at $42.39 on Tuesday. The company has a 50 day simple moving average of $39.95 and a 200 day simple moving average of $39.04. The stock has a market cap of $10.01 billion, a price-to-earnings ratio of 27.17, a P/E/G ratio of 1.93 and a beta of 0.76. CareTrust REIT, Inc. has a 1 year low of $30.26 and a 1 year high of $43.10. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.38 and a quick ratio of 2.37.

CareTrust REIT Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Zacks Research raised shares of CareTrust REIT from a "strong sell" rating to a "hold" rating in a research report on Monday, May 25th. Raymond James Financial began coverage on CareTrust REIT in a research note on Tuesday, June 16th. They issued an "outperform" rating and a $43.00 price target for the company. BMO Capital Markets raised their price objective on CareTrust REIT from $46.00 to $47.00 and gave the stock an "outperform" rating in a research note on Monday, June 15th. Mizuho set a $45.00 price objective on CareTrust REIT in a report on Friday, May 22nd. Finally, Citigroup reaffirmed a "market outperform" rating on shares of CareTrust REIT in a report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, CareTrust REIT has an average rating of "Buy" and an average target price of $44.82.

CareTrust REIT Company Profile

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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