CareTrust REIT, Inc. (NASDAQ:CTRE) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 3.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,066,093 shares of the real estate investment trust's stock after purchasing an additional 31,279 shares during the period. Principal Financial Group Inc. owned approximately 0.57% of CareTrust REIT worth $30,469,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Quarry LP lifted its holdings in CareTrust REIT by 463.5% in the fourth quarter. Quarry LP now owns 1,854 shares of the real estate investment trust's stock valued at $50,000 after acquiring an additional 1,525 shares during the last quarter. Glen Eagle Advisors LLC acquired a new position in CareTrust REIT in the fourth quarter valued at approximately $56,000. Fifth Third Bancorp lifted its holdings in CareTrust REIT by 217.5% in the first quarter. Fifth Third Bancorp now owns 1,978 shares of the real estate investment trust's stock valued at $57,000 after acquiring an additional 1,355 shares during the last quarter. Signaturefd LLC lifted its holdings in CareTrust REIT by 20.3% in the fourth quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust's stock valued at $71,000 after acquiring an additional 443 shares during the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in CareTrust REIT in the fourth quarter valued at approximately $76,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CTRE has been the topic of a number of recent analyst reports. Wedbush reiterated an "underperform" rating and issued a $26.00 price objective on shares of CareTrust REIT in a report on Friday, March 14th. Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective on the stock in a report on Thursday, March 13th. Finally, Wells Fargo & Company upped their price objective on CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, June 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, CareTrust REIT has a consensus rating of "Moderate Buy" and an average target price of $31.17.

CareTrust REIT Trading Down 0.2%

NASDAQ:CTRE traded down $0.06 during trading hours on Tuesday, reaching $30.98. 2,683,971 shares of the stock were exchanged, compared to its average volume of 1,828,344. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $29.34 and a two-hundred day moving average of $27.92. CareTrust REIT, Inc. has a twelve month low of $24.79 and a twelve month high of $33.15. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 39.22, a PEG ratio of 1.25 and a beta of 0.84.

CareTrust REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.335 dividend. This represents a $1.34 annualized dividend and a dividend yield of 4.33%. The ex-dividend date of this dividend is Monday, June 30th. CareTrust REIT's payout ratio is currently 145.65%.

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.