State of Alaska Department of Revenue Boosts Stock Holdings in CareTrust REIT, Inc. (NASDAQ:CTRE)

State of Alaska Department of Revenue increased its position in shares of CareTrust REIT, Inc. (NASDAQ:CTRE) by 25.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 195,363 shares of the real estate investment trust’s stock after buying an additional 39,730 shares during the period. State of Alaska Department of Revenue’s holdings in CareTrust REIT were worth $5,283,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CTRE. JPMorgan Chase & Co. boosted its stake in shares of CareTrust REIT by 381.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock worth $212,267,000 after acquiring an additional 5,448,904 shares in the last quarter. FMR LLC raised its holdings in CareTrust REIT by 209.9% in the 3rd quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after purchasing an additional 3,538,798 shares during the period. Heitman Real Estate Securities LLC purchased a new position in CareTrust REIT during the third quarter worth approximately $27,534,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in CareTrust REIT by 344.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 951,535 shares of the real estate investment trust’s stock valued at $29,364,000 after purchasing an additional 737,236 shares during the period. Finally, Wellington Management Group LLP grew its holdings in CareTrust REIT by 5.5% in the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock valued at $394,948,000 after purchasing an additional 670,348 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Stock Performance

Shares of NASDAQ:CTRE opened at $26.33 on Friday. The business’s 50 day moving average price is $27.42 and its 200-day moving average price is $28.94. CareTrust REIT, Inc. has a 1 year low of $20.57 and a 1 year high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The firm has a market capitalization of $4.51 billion, a PE ratio of 36.56, a P/E/G ratio of 1.25 and a beta of 1.09.

CareTrust REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date was Tuesday, December 31st. CareTrust REIT’s payout ratio is 161.11%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CTRE. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $34.00 to $32.00 in a research report on Monday, December 9th. Wedbush cut shares of CareTrust REIT from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $34.00 to $26.00 in a research report on Thursday, January 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, CareTrust REIT currently has an average rating of “Hold” and a consensus price target of $30.67.

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.