CareTrust REIT slips after increased $640 mln share sale

Shares of CareTrust REIT CTRE.N down 1.7% at $32.42 before the bell after overnight follow-on priced

Skilled nursing, senior housing operator late Tues announced 20 mln shares at $32 for $640 mln gross raise

Offering size boosted from 15.5 mln shares, and priced at 3% discount to stock's last close

Co plans to use net offering proceeds to fund new investments, repay borrowings on its revolver

JP Morgan, BofA and RBC are joint lead bookrunners

San Clemente, California-based CTRE has 200.3 mln shares outstanding for ~$6.6 bln market cap

Through Tues, shares up 22% YTD. Stock hit intraday record high of $33.52 last Thurs

All 7 analysts covering CTRE are bullish and median PT is $33, per LSEG data