Sound Income Strategies LLC Acquires 113,338 Shares of CareTrust REIT, Inc. (NASDAQ:CTRE)

Sound Income Strategies LLC grew its stake in CareTrust REIT, Inc. (NASDAQ:CTRE) by 61.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 297,931 shares of the real estate investment trust’s stock after acquiring an additional 113,338 shares during the quarter. Sound Income Strategies LLC’s holdings in CareTrust REIT were worth $7,261,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Global Retirement Partners LLC increased its holdings in shares of CareTrust REIT by 113.9% in the 4th quarter. Global Retirement Partners LLC now owns 1,388 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 739 shares in the last quarter. USA Financial Formulas purchased a new stake in shares of CareTrust REIT during the fourth quarter valued at $67,000. AlphaMark Advisors LLC increased its holdings in CareTrust REIT by 245.2% in the 4th quarter. AlphaMark Advisors LLC now owns 3,625 shares of the real estate investment trust’s stock worth $81,000 after buying an additional 2,575 shares in the last quarter. M&T Bank Corp purchased a new position in CareTrust REIT in the 4th quarter worth about $236,000. Finally, Neo Ivy Capital Management bought a new position in CareTrust REIT during the 4th quarter valued at about $238,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

CareTrust REIT Stock Performance

CareTrust REIT stock traded up $0.01 during midday trading on Wednesday, hitting $24.65. The stock had a trading volume of 1,136,537 shares, compared to its average volume of 1,361,299. The company has a current ratio of 12.80, a quick ratio of 12.80 and a debt-to-equity ratio of 0.36. CareTrust REIT, Inc. has a 52-week low of $19.25 and a 52-week high of $26.43. The company has a market capitalization of $3.50 billion, a PE ratio of 17.48 and a beta of 1.06. The firm’s fifty day moving average is $24.96 and its two-hundred day moving average is $23.56.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.71%. The ex-dividend date is Friday, June 28th. CareTrust REIT’s dividend payout ratio (DPR) is 223.08%.

Analyst Ratings Changes

CTRE has been the subject of several research reports. Wedbush began coverage on shares of CareTrust REIT in a report on Wednesday, May 29th. They set a “neutral” rating and a $26.00 price objective for the company. Wells Fargo & Company increased their price target on CareTrust REIT from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Thursday, May 30th. Finally, KeyCorp upped their price objective on CareTrust REIT from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, May 9th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

CareTrust REIT Company Profile

CareTrust REIT, Inc is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States.