Raymond James Financial Inc. Sells 49,184 Shares of CareTrust REIT, Inc. $CTRE

Key Points

• Raymond James Financial Inc. decreased its stake in CareTrust REIT by 2.7%, owning approximately 1,764,069 shares valued at about $50.4 million after selling 49,184 shares in the first quarter.
• Several other institutional investors have also shifted their positions, with HighTower Advisors LLC increasing its holdings by 67.4% during the same period.
• Analysts have a Moderate Buy consensus rating for CareTrust REIT, with a target price range indicating potential growth from the current trading level around $34.49.

Raymond James Financial Inc. lessened its holdings in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 2.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,764,069 shares of the real estate investment trust's stock after selling 49,184 shares during the period. Raymond James Financial Inc. owned about 0.92% of CareTrust REIT worth $50,417,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in CareTrust REIT by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 28,636,981 shares of the real estate investment trust's stock valued at $818,445,000 after purchasing an additional 1,336,348 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in CareTrust REIT by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,960,372 shares of the real estate investment trust's stock valued at $84,607,000 after purchasing an additional 68,693 shares during the period. Balyasny Asset Management L.P. increased its holdings in CareTrust REIT by 149.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust's stock valued at $73,269,000 after purchasing an additional 1,623,297 shares during the period. Northern Trust Corp increased its holdings in CareTrust REIT by 45.1% during the 4th quarter. Northern Trust Corp now owns 2,469,640 shares of the real estate investment trust's stock valued at $66,804,000 after purchasing an additional 767,640 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in CareTrust REIT by 15.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,443,829 shares of the real estate investment trust's stock valued at $66,105,000 after purchasing an additional 325,217 shares during the period. Hedge funds and other institutional investors own 87.77% of the company's stock.

CareTrust REIT Stock Up 0.7%

Shares of CTRE stock traded up $0.24 during midday trading on Wednesday, reaching $34.61. 1,275,179 shares of the stock were exchanged, compared to its average volume of 1,959,284. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The company's 50 day moving average is $31.81 and its two-hundred day moving average is $29.29. CareTrust REIT, Inc. has a 1 year low of $24.79 and a 1 year high of $34.92. The firm has a market cap of $7.55 billion, a PE ratio of 43.81, a price-to-earnings-growth ratio of 1.25 and a beta of 0.85.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given 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 currently 111.67%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Wells Fargo & Company boosted their price target on CareTrust REIT from $32.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday. KeyCorp upped their target price on CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, CareTrust REIT currently has a consensus rating of "Moderate Buy" and a consensus price target 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.