CareTrust REIT (NASDAQ:CTRE) Price Target Increased to $31.00 by Analysts at Royal Bank of Canada

CareTrust REIT (NASDAQ:CTRE) had its price target hoisted by investment analysts at Royal Bank of Canada from $27.00 to $31.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 7.49% from the stock’s previous close.

Several other analysts have also weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of CareTrust REIT from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, May 30th. Wedbush assumed coverage on shares of CareTrust REIT in a research note on Wednesday, May 29th. They issued a “neutral” rating and a $26.00 price target for the company. KeyCorp increased their price objective on shares of CareTrust REIT from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $26.67.

CareTrust REIT Trading Up 0.4 %

CareTrust REIT stock traded up $0.12 during trading hours on Thursday, reaching $28.84. 70,090 shares of the company’s stock were exchanged, compared to its average volume of 1,374,035. The firm’s 50 day simple moving average is $26.41 and its 200 day simple moving average is $24.87. CareTrust REIT has a twelve month low of $19.66 and a twelve month high of $28.89. The company has a quick ratio of 12.80, a current ratio of 12.80 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $4.10 billion, a PE ratio of 55.46 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.29). The business had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. CareTrust REIT had a return on equity of 5.31% and a net margin of 30.09%. During the same period in the prior year, the business earned $0.35 EPS. Research analysts predict that CareTrust REIT will post 1.47 earnings per share for the current year.

Hedge Funds Weigh In On CareTrust REIT

A number of hedge funds have recently added to or reduced their stakes in CTRE. Mackenzie Financial Corp lifted its holdings in shares of CareTrust REIT by 3.1% in the fourth quarter. Mackenzie Financial Corp now owns 16,317 shares of the real estate investment trust’s stock valued at $365,000 after purchasing an additional 484 shares in the last quarter. United Services Automobile Association lifted its stake in CareTrust REIT by 5.0% during the 2nd quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust’s stock valued at $282,000 after acquiring an additional 540 shares in the last quarter. Foundations Investment Advisors LLC boosted its holdings in CareTrust REIT by 5.4% during the 4th quarter. Foundations Investment Advisors LLC now owns 12,103 shares of the real estate investment trust’s stock worth $254,000 after acquiring an additional 624 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of CareTrust REIT by 4.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,946 shares of the real estate investment trust’s stock worth $559,000 after acquiring an additional 895 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of CareTrust REIT by 2.2% in the fourth quarter. New York State Common Retirement Fund now owns 41,516 shares of the real estate investment trust’s stock valued at $929,000 after purchasing an additional 910 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

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.