IRVINE, CA – Sabra Health Care REIT (NYSE:WELL), Inc. (NASDAQ:SBRA) conducted its annual meeting of stockholders on Thursday, where key decisions were made regarding the company's governance and executive compensation. The meeting, which took place on June 13, 2024, led to the election of eight board members, ratification of the company's independent auditor, and advisory approval of executive compensation.
The elected directors, who will serve until the 2025 annual meeting, include Craig A. Barbarosh, Katie Cusack, Michael J. Foster, Lynne S. Katzmann, Ann Kono, Jeffrey A. Malehorn, Richard K. Matros, and Clifton J. Porter II. The stockholders voted overwhelmingly in favor of each director, with Barbarosh receiving 178,428,516 votes for and 5,521,821 against. The smallest margin of approval was for Matros, who received 174,454,780 votes for and 7,542,822 against.
Additionally, PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024. This decision was met with substantial agreement, garnering 202,131,049 votes for and only 2,268,764 against.
The stockholders also cast their votes on the compensation of the company's named executive officers, approving it on an advisory basis. The advisory compensation vote resulted in 173,769,737 votes for and 10,001,666 against, indicating a favorable view of the company's executive compensation practices.
Sabra Health Care REIT, headquartered in Irvine, California, operates as a real estate investment trust specializing in the healthcare industry. The company's focus on healthcare properties underscores its commitment to providing infrastructure for the delivery of healthcare services.
In other recent news, Sabra Healthcare REIT (NASDAQ:SBRA) has been making strides in its financial performance. Citi recently updated its price target for the company to $15.00, maintaining a neutral stance, following Sabra Healthcare's first-quarter results. The firm's analysis projects the core Funds From Operations (FFO) for 2024 to remain stable at $1.36, with a slight reduction for 2025's core FFO to $1.41.
Scotiabank also raised its price target for Sabra Healthcare to $15.00, maintaining a Sector Perform rating. This adjustment comes as the firm forecasts a steady fiscal year 2024, with expected funds from operations per share (FFOPS) growth of approximately 5% year over year.
Additionally, Sabra Healthcare REIT has reported growth in its first-quarter earnings call, with skilled nursing EBITDA and coverage surpassing pre-pandemic levels. The company has also reaffirmed its full-year 2024 guidance and plans to reveal new acquisition deals in the upcoming second quarter earnings call. These are recent developments that investors should take into account when considering Sabra Healthcare REIT.
InvestingPro Insights
Following the annual meeting of Sabra Health Care REIT, Inc. (NASDAQ:SBRA), a look at the company's financial metrics provides additional context to the decisions made by shareholders. With a market capitalization of $3.29 billion and a P/E ratio that has adjusted to 31.0 from 66.59, the company demonstrates a potential for growth in earnings, as reflected in the 21.68% revenue growth over the last twelve months as of Q1 2024. This is further supported by an impressive gross profit margin of 68.98%.
Investors may also find the dividend yield of 8.47% particularly attractive, especially considering the company's history of maintaining dividend payments for 14 consecutive years. These dividends are a testament to Sabra's financial health, especially when viewed alongside the company's liquidity position, where liquid assets exceed short-term obligations. An InvestingPro Tip highlights that Sabra is expected to remain profitable this year, an assertion supported by the company's performance over the last twelve months.
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