CareTrust REIT, Inc. (NASDAQ:CTRE) Stock Position Cut by Summit Global Investments

Summit Global Investments lowered its stake in shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 46.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,435 shares of the real estate investment trust's stock after selling 21,348 shares during the quarter. Summit Global Investments' holdings in CareTrust REIT were worth $698,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in CareTrust REIT by 2,116.7% in the first quarter. GAMMA Investing LLC now owns 89,398 shares of the real estate investment trust's stock valued at $2,555,000 after purchasing an additional 85,365 shares in the last quarter. Moody National Bank Trust Division raised its holdings in CareTrust REIT by 12.9% in the first quarter. Moody National Bank Trust Division now owns 25,935 shares of the real estate investment trust's stock worth $741,000 after buying an additional 2,965 shares during the last quarter. California State Teachers Retirement System raised its holdings in CareTrust REIT by 9.0% in the fourth quarter. California State Teachers Retirement System now owns 146,482 shares of the real estate investment trust's stock worth $3,962,000 after buying an additional 12,061 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of CareTrust REIT during the fourth quarter valued at approximately $204,000. Finally, Mackenzie Financial Corp increased its holdings in CareTrust REIT by 254.3% during the fourth quarter. Mackenzie Financial Corp now owns 73,151 shares of the real estate investment trust's stock valued at $1,979,000 after buying an additional 52,502 shares during the last quarter. Institutional investors own 87.77% of the company's stock.

CareTrust REIT Stock Performance

Shares of CTRE stock traded up $0.19 during mid-day trading on Thursday, hitting $29.16. The stock had a trading volume of 1,044,484 shares, compared to its average volume of 1,813,622. The company's 50-day simple moving average is $28.50 and its 200-day simple moving average is $27.83. 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 has a market cap of $5.59 billion, a PE ratio of 36.91, a PEG ratio of 1.25 and a beta of 0.88. CareTrust REIT, Inc. has a fifty-two week low of $24.35 and a fifty-two week high of $33.15.

CareTrust REIT Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.335 dividend. The ex-dividend date was Monday, March 31st. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a dividend yield of 4.60%. CareTrust REIT's dividend payout ratio (DPR) is currently 145.65%.

Wall Street Analyst Weigh In

Several brokerages have commented on CTRE. Wells Fargo & Company boosted their price target on shares of CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a research note on Monday. Wedbush restated an "underperform" rating and set a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. 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 report on Thursday, March 13th. Finally, Royal Bank of Canada cut their price target on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.17.

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.