State of Michigan Retirement System Purchases New Stake in CareTrust REIT, Inc. $CTRE

State of Michigan Retirement System acquired a new position in shares of CareTrust REIT, Inc. (NYSE:CTRE) in the 1st quarter, Holdings Channel.com reports. The firm acquired 53,800 shares of the company’s stock, valued at approximately $1,972,000.

A number of other large investors have also recently bought and sold shares of the company. Teachers Retirement System of The State of Kentucky raised its position in shares of CareTrust REIT by 11.8% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 150,751 shares of the company’s stock valued at $5,525,000 after buying an additional 15,950 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of CareTrust REIT by 22.7% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 157,152 shares of the company’s stock worth $5,760,000 after acquiring an additional 29,095 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in CareTrust REIT in the first quarter valued at approximately $259,000. Ibex Wealth Advisors increased its stake in CareTrust REIT by 7.6% in the first quarter. Ibex Wealth Advisors now owns 251,393 shares of the company’s stock valued at $9,214,000 after acquiring an additional 17,831 shares during the last quarter. Finally, Kestra Advisory Services LLC increased its stake in CareTrust REIT by 141.9% in the first quarter. Kestra Advisory Services LLC now owns 47,832 shares of the company’s stock valued at $1,753,000 after acquiring an additional 28,055 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CTRE has been the subject of several recent analyst reports. Zacks Research upgraded CareTrust REIT from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. Raymond James Financial initiated coverage on CareTrust REIT in a research note on Tuesday, June 16th. They issued an “outperform” rating and a $43.00 price target on the stock. Weiss Ratings raised CareTrust REIT from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, July 6th. Wells Fargo & Company upped their price objective on CareTrust REIT from $42.00 to $47.00 and gave the stock an “overweight” rating in a research report on Monday, June 1st. Finally, Citigroup reaffirmed a “market outperform” rating on shares of CareTrust REIT in a research note on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $44.82.

CareTrust REIT Price Performance

CTRE stock opened at $42.88 on Friday. The company has a 50 day simple moving average of $39.92 and a 200 day simple moving average of $38.99. The stock has a market cap of $10.13 billion, a price-to-earnings ratio of 27.49, a P/E/G ratio of 1.93 and a beta of 0.76. CareTrust REIT, Inc. has a 1 year low of $30.21 and a 1 year high of $43.10. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 30th. CareTrust REIT’s payout ratio is presently 100.00%.

CareTrust REIT Company 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.