Sound Income Strategies LLC has increased its stake in National Health Investors, Inc. (NYSE: NHI) by 4.6% during the third quarter of 2023, as detailed in its recent 13F filing with the Securities and Exchange Commission (SEC). The firm now holds a total of 241,260 shares of the real estate investment trust (REIT), after acquiring an additional 10,570 shares during this period. This investment is valued at approximately $17.81 million, representing about 0.51% of National Health Investors.
Several other institutional investors have also adjusted their positions in National Health Investors recently. For instance, State Street Corp increased its holdings by 5.0% in the second quarter, bringing its total to 2,023,381 shares valued at $143.65 million after purchasing an additional 95,812 shares. Similarly, Geode Capital Management LLC raised its stake by 4.5%, now owning 1,232,524 shares worth $86.43 million.
Additionally, JPMorgan Chase & Co. made a significant move, boosting its position by an impressive 305.2%, owning now 1,203,492 shares valued at $84.39 million following the acquisition of 906,479 shares. Norges Bank entered the scene with a new investment valued at approximately $49.78 million, while Balyasny Asset Management L.P. increased its holdings by 66.9%, now controlling 614,960 shares valued at $43.12 million. Currently, institutional investors and hedge funds own 62.51% of the company’s stock.
Analyst Ratings and Stock Performance
A number of analysts have revised their ratings for National Health Investors in light of these developments. On November 25, Wells Fargo & Company raised its price target for NHI shares from $80.00 to $85.00, maintaining an “equal weight” rating. In a separate note, Weiss Ratings reaffirmed a “buy (b)” rating, while National Bankshares set a price target of $90.00.
Cantor Fitzgerald has initiated coverage with an “overweight” rating and a price objective of $90.00. Furthermore, Truist Financial adjusted its target price from $81.00 to $83.00, categorizing the stock as a “buy.” Currently, one analyst has issued a Strong Buy rating, four have assigned a Buy rating, and one has classified it as Hold. According to MarketBeat, the average rating for the stock stands at “Buy,” with a consensus price target of $87.33.
On November 6, National Health Investors reported its latest earnings, showing earnings per share (EPS) of $1.32, surpassing the consensus estimate of $1.24 by $0.08. The company achieved revenue of $83.36 million, which fell short of analyst predictions of $85.66 million. Year-over-year, revenue decreased by 1.8%, while the previous year’s EPS was $1.03. The firm anticipates FY 2025 guidance of $4.88 to $4.91 EPS.
Dividend Announcement and Market Position
National Health Investors has also declared a quarterly dividend of $0.92, scheduled for payment on January 30, 2024, to shareholders on record as of December 31, 2023. The ex-dividend date is also set for December 31, 2023. This payout translates to an annualized dividend of $3.68, yielding approximately 4.7%. The company’s dividend payout ratio currently stands at 116.09%.
As of the latest trading session, shares of NHI opened at $77.98. The company has a market capitalization of $3.71 billion and a price-to-earnings (PE) ratio of 24.60. The stock has demonstrated a 1-year low of $65.13 and a high of $80.56.
National Health Investors, Inc., established in 1991, specializes in owning and financing high-quality healthcare and senior housing facilities across the United States. Its portfolio includes skilled nursing centers, assisted living and memory care communities, behavioral health facilities, dialysis clinics, and medical office buildings. The firm predominantly enters into long-term net-lease agreements with seasoned healthcare operators, ensuring stable revenue streams while allowing tenants to focus on providing quality care.
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