Sound Income Strategies LLC Has $14.94 Million Stake in CareTrust REIT, Inc. (NASDAQ:CTRE)

Sound Income Strategies LLC boosted its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 13.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 522,829 shares of the real estate investment trust's stock after buying an additional 60,733 shares during the quarter. Sound Income Strategies LLC owned 0.28% of CareTrust REIT worth $14,942,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in shares of CareTrust REIT by 5.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust's stock worth $67,784,000 after purchasing an additional 126,280 shares during the period. Corient Private Wealth LLC lifted its position in CareTrust REIT by 9.2% during the fourth quarter. Corient Private Wealth LLC now owns 22,481 shares of the real estate investment trust's stock worth $608,000 after buying an additional 1,903 shares during the period. Rhumbline Advisers boosted its stake in CareTrust REIT by 26.9% in the 4th quarter. Rhumbline Advisers now owns 572,664 shares of the real estate investment trust's stock worth $15,491,000 after buying an additional 121,328 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in CareTrust REIT by 24.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,891,679 shares of the real estate investment trust's stock valued at $78,220,000 after buying an additional 568,634 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of CareTrust REIT by 43.5% during the 4th quarter. Van ECK Associates Corp now owns 35,171 shares of the real estate investment trust's stock valued at $951,000 after acquiring an additional 10,655 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CTRE shares. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price objective for the company in a research note on Thursday, March 13th. Wedbush reissued an "underperform" rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. Wells Fargo & Company raised their price objective on CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a report on Monday, June 2nd. Finally, Royal Bank of Canada decreased their target price on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a report on Friday, February 21st. 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $31.17.

CareTrust REIT Stock Performance

Shares of NASDAQ CTRE traded down $0.35 during mid-day trading on Monday, hitting $28.47. The company had a trading volume of 201,950 shares, compared to its average volume of 1,795,777. CareTrust REIT, Inc. has a 12 month low of $24.35 and a 12 month high of $33.15. The stock has a market cap of $5.46 billion, a price-to-earnings ratio of 36.05, a PEG ratio of 1.25 and a beta of 0.83. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The firm's 50 day simple moving average is $28.63 and its two-hundred day simple moving average is $27.74.

CareTrust REIT Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 4.71%. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date was Monday, March 31st. CareTrust REIT's dividend payout ratio (DPR) is presently 145.65%.

About CareTrust REIT

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.