Norges Bank Invests $114.81 Million in CareTrust REIT, Inc. $CTRE

Norges Bank bought a new stake in shares of CareTrust REIT, Inc. (NYSE:CTRE) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 3,175,053 shares of the company’s stock, valued at approximately $114,810,000. Norges Bank owned approximately 1.42% of CareTrust REIT as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. boosted its holdings in CareTrust REIT by 0.7% during the fourth quarter. D.A. Davidson & CO. now owns 40,781 shares of the company’s stock valued at $1,475,000 after purchasing an additional 282 shares in the last quarter. Swiss Life Asset Management Ltd raised its holdings in shares of CareTrust REIT by 2.9% in the 4th quarter. Swiss Life Asset Management Ltd now owns 10,309 shares of the company’s stock worth $373,000 after buying an additional 291 shares in the last quarter. Heritage Wealth Advisors raised its holdings in shares of CareTrust REIT by 42.9% in the 3rd quarter. Heritage Wealth Advisors now owns 1,000 shares of the company’s stock worth $35,000 after buying an additional 300 shares in the last quarter. Tocqueville Asset Management L.P. lifted its position in shares of CareTrust REIT by 2.8% during the 3rd quarter. Tocqueville Asset Management L.P. now owns 10,900 shares of the company’s stock worth $378,000 after buying an additional 300 shares during the period. Finally, Jones Financial Companies Lllp lifted its position in shares of CareTrust REIT by 13.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,615 shares of the company’s stock worth $91,000 after buying an additional 309 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Trading Down 1.7%

CTRE stock opened at $37.38 on Friday. The business has a fifty day moving average price of $39.45 and a 200 day moving average price of $38.46. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.38 and a quick ratio of 2.37. CareTrust REIT, Inc. has a fifty-two week low of $27.81 and a fifty-two week high of $43.08. The stock has a market capitalization of $8.83 billion, a price-to-earnings ratio of 23.96, a P/E/G ratio of 1.72 and a beta of 0.76.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.39 dividend. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Tuesday, March 31st. CareTrust REIT’s dividend payout ratio (DPR) is presently 100.00%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CTRE. Royal Bank Of Canada upped their price target on CareTrust REIT from $41.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, February 24th. Wells Fargo & Company boosted their target price on shares of CareTrust REIT from $42.00 to $47.00 and gave the company an “overweight” rating in a research note on Monday. Cantor Fitzgerald upped their target price on shares of CareTrust REIT from $37.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, February 17th. Mizuho set a $45.00 target price on shares of CareTrust REIT in a research report on Friday, May 22nd. Finally, Zacks Research raised shares of CareTrust REIT from a “strong sell” rating to a “hold” rating in a report on Monday, May 25th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $44.09.

CareTrust REIT Profile

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.