Vestcor Inc Purchases 54,489 Shares of CareTrust REIT, Inc. $CTRE

Key Points

• Vestcor Inc increased its stake in CareTrust REIT by 26.9%, acquiring 54,489 shares to own 256,706 shares worth about $8.9 million (0.11% of the company) at quarter-end.
• Several analysts raised ratings and price targets—UBS lifted its target to $48—and the consensus is a “Moderate Buy” with an average price target of $40.18.
• CareTrust pays a quarterly dividend of $0.335 (annualized $1.34), implying a 3.4% yield and a dividend payout ratio of about 86.45%.

Vestcor Inc grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 26.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 256,706 shares of the real estate investment trust's stock after acquiring an additional 54,489 shares during the period. Vestcor Inc owned 0.11% of CareTrust REIT worth $8,903,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Royal Bank of Canada lifted its stake in CareTrust REIT by 36.4% in the first quarter. Royal Bank of Canada now owns 179,501 shares of the real estate investment trust's stock valued at $5,129,000 after acquiring an additional 47,936 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of CareTrust REIT by 11.3% in the first quarter. NewEdge Advisors LLC now owns 33,628 shares of the real estate investment trust's stock valued at $961,000 after buying an additional 3,408 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of CareTrust REIT by 43.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 220,811 shares of the real estate investment trust's stock worth $6,757,000 after acquiring an additional 66,957 shares during the period. Resona Asset Management Co. Ltd. increased its holdings in shares of CareTrust REIT by 21.1% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 113,023 shares of the real estate investment trust's stock worth $3,459,000 after acquiring an additional 19,729 shares during the last quarter. Finally, Metis Global Partners LLC increased its holdings in shares of CareTrust REIT by 33.4% during the 2nd quarter. Metis Global Partners LLC now owns 31,718 shares of the real estate investment trust's stock worth $971,000 after acquiring an additional 7,945 shares during the last quarter. 87.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on CTRE shares. Citizens Jmp began coverage on shares of CareTrust REIT in a report on Thursday, January 22nd. They set a "market outperform" rating and a $44.00 target price for the company. Jefferies Financial Group upped their price objective on CareTrust REIT from $41.00 to $43.00 and gave the company a "buy" rating in a report on Monday, December 15th. Royal Bank Of Canada lifted their target price on CareTrust REIT from $41.00 to $44.00 and gave the stock an "outperform" rating in a report on Tuesday, February 24th. UBS Group upped their price target on shares of CareTrust REIT from $44.00 to $48.00 and gave the company a "buy" rating in a research note on Wednesday, February 18th. Finally, The Goldman Sachs Group set a $44.00 price target on shares of CareTrust REIT in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $40.18.

CareTrust REIT Stock Up 0.1%

CTRE stock opened at $39.97 on Tuesday. The company has a market cap of $8.92 billion, a PE ratio of 50.60, a price-to-earnings-growth ratio of 1.25 and a beta of 0.74. The business has a 50-day simple moving average of $38.29 and a 200 day simple moving average of $36.41. CareTrust REIT, Inc. has a 52 week low of $25.50 and a 52 week high of $41.72. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Wednesday, December 31st. CareTrust REIT's dividend payout ratio (DPR) is currently 86.45%.

About CareTrust REIT

CareTrust REIT, Inc is a healthcare-focused real estate investment trust that acquires and manages net-leased properties serving the senior housing and medical markets. The company's portfolio spans skilled nursing facilities, assisted living communities, independent living properties, medical office buildings and life science facilities. By structuring leases on a triple-net basis, CareTrust REIT offers long-term, stable rental income streams while allowing its tenants to operate and maintain their specialized healthcare facilities.

The company’s assets are geographically diversified across the United States, with a concentration in regions experiencing aging demographics and growing demand for senior care services.

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