Envestnet Asset Management Inc. Sells 328,325 Shares of Sabra Healthcare REIT, Inc. (NASDAQ:SBRA)

Key Points

• Envestnet Asset Management Inc. reduced its position in Sabra Healthcare REIT by 58.7% during the first quarter, resulting in ownership of approximately 0.10% of the company.
• Sabra Healthcare REIT reported earnings of $0.37 per share, exceeding analyst expectations, and its revenue grew 10.1% year-over-year to $183.54 million.
• The company recently announced a quarterly dividend of $0.30 per share, which represents an annualized yield of 6.59%, although its payout ratio is notably high at 203.39%.

Envestnet Asset Management Inc. lowered its position in shares of Sabra Healthcare REIT, Inc. (NASDAQ:SBRA - Free Report) by 58.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 231,464 shares of the real estate investment trust's stock after selling 328,325 shares during the period. Envestnet Asset Management Inc. owned about 0.10% of Sabra Healthcare REIT worth $4,044,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Penserra Capital Management LLC lifted its position in shares of Sabra Healthcare REIT by 20.9% in the 1st quarter. Penserra Capital Management LLC now owns 75,916 shares of the real estate investment trust's stock worth $1,326,000 after purchasing an additional 13,138 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Sabra Healthcare REIT by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,114,215 shares of the real estate investment trust's stock worth $71,875,000 after purchasing an additional 74,564 shares during the period. Rossby Financial LCC purchased a new stake in shares of Sabra Healthcare REIT in the 1st quarter worth about $92,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Sabra Healthcare REIT by 16.2% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,392 shares of the real estate investment trust's stock worth $898,000 after purchasing an additional 7,161 shares during the period. Finally, New York State Teachers Retirement System lifted its position in shares of Sabra Healthcare REIT by 12.1% in the 1st quarter. New York State Teachers Retirement System now owns 321,647 shares of the real estate investment trust's stock worth $5,619,000 after purchasing an additional 34,591 shares during the period. 99.40% of the stock is owned by hedge funds and other institutional investors.

Sabra Healthcare REIT Stock Up 0.8%

Shares of NASDAQ SBRA traded up $0.14 on Tuesday, reaching $18.12. 235,972 shares of the company's stock traded hands, compared to its average volume of 2,400,384. Sabra Healthcare REIT, Inc. has a 12 month low of $15.60 and a 12 month high of $20.03. The business's 50 day simple moving average is $18.09 and its two-hundred day simple moving average is $17.47. The company has a market cap of $4.31 billion, a price-to-earnings ratio of 30.70, a price-to-earnings-growth ratio of 1.51 and a beta of 0.85. The company has a quick ratio of 4.22, a current ratio of 4.22 and a debt-to-equity ratio of 0.89.

Sabra Healthcare REIT (NASDAQ:SBRA - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The real estate investment trust reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. The company had revenue of $183.54 million during the quarter, compared to the consensus estimate of $180.23 million. Sabra Healthcare REIT had a net margin of 19.55% and a return on equity of 5.14%. The firm's quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.35 earnings per share. As a group, equities research analysts forecast that Sabra Healthcare REIT, Inc. will post 1.45 EPS for the current fiscal year.

Sabra Healthcare REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 6.62%. The ex-dividend date was Friday, May 16th. Sabra Healthcare REIT's dividend payout ratio (DPR) is currently 203.39%.

Insider Buying and Selling at Sabra Healthcare REIT

In related news, Director Michael J. Foster sold 11,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $18.22, for a total transaction of $200,420.00. Following the completion of the sale, the director owned 64,725 shares of the company's stock, valued at $1,179,289.50. This trade represents a 14.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, Scotiabank raised their target price on shares of Sabra Healthcare REIT from $19.00 to $20.00 and gave the stock a "sector perform" rating in a research report on Monday, June 23rd. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Sabra Healthcare REIT presently has a consensus rating of "Moderate Buy" and an average price target of $19.67.

About Sabra Healthcare REIT

Sabra Health Care REIT, Inc engages in the business of acquiring, financing, and owning real estate property. The company was founded on May 10, 2010 and is headquartered in Tustin, CA.