CareTrust REIT, Inc. $CTRE Shares Sold by Sit Investment Associates Inc.

Key Points

• Sit Investment Associates Inc. reduced its stake in CareTrust REIT by 11.7%, ending the quarter with 280,010 shares valued at approximately $8 million after selling 37,275 shares.
• Several institutional investors have increased their holdings in CareTrust REIT, with Barclays PLC showing a significant growth of 60.3% in its shares.
• CareTrust REIT recently announced a quarterly dividend of $0.335 per share, yielding 4.0%, with a current dividend payout ratio of 111.67%.

Sit Investment Associates Inc. reduced its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 11.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 280,010 shares of the real estate investment trust's stock after selling 37,275 shares during the period. Sit Investment Associates Inc. owned about 0.15% of CareTrust REIT worth $8,003,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CTRE. Quarry LP boosted 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 purchasing an additional 1,525 shares during the period. Glen Eagle Advisors LLC purchased a new position in CareTrust REIT in the fourth quarter valued at $56,000. Fifth Third Bancorp boosted 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 purchasing an additional 1,355 shares during the period. GF Fund Management CO. LTD. purchased a new position in CareTrust REIT in the fourth quarter valued at $76,000. Finally, Pandora Wealth Inc. purchased a new position in CareTrust REIT in the first quarter valued at $120,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

CareTrust REIT Stock Up 1.3%

CareTrust REIT stock traded up $0.4460 during midday trading on Wednesday, reaching $34.2960. The company's stock had a trading volume of 2,664,226 shares, compared to its average volume of 1,964,758. CareTrust REIT, Inc. has a fifty-two week low of $24.79 and a fifty-two week high of $34.50. 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 company has a market cap of $6.87 billion, a P/E ratio of 43.41, a P/E/G ratio of 1.25 and a beta of 0.85. The business has a 50-day simple moving average of $31.27 and a 200-day simple moving average of $29.02.

CareTrust REIT Dividend Announcement

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

Wall Street Analyst Weigh In

CTRE has been the subject of a number of recent research reports. KeyCorp lifted their target price on CareTrust REIT from $33.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Wells Fargo & Company lifted their target price on CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, June 2nd. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. Four equities 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $31.50.

CareTrust REIT Company 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.