CareTrust REIT, Inc. (CTRE) to Issue Quarterly Dividend of $0.29 on October 15th

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Stockholders of record on Monday, September 30th will be given a dividend of 0.29 per share by the real estate investment trust on Tuesday, October 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Monday, September 30th.

CareTrust REIT has increased its dividend by an average of 7.8% annually over the last three years. CareTrust REIT has a dividend payout ratio of 93.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect CareTrust REIT to earn $1.65 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 70.3%.

CareTrust REIT Stock Up 0.5 %

Shares of CTRE opened at $30.75 on Friday. CareTrust REIT has a 1 year low of $19.87 and a 1 year high of $31.51. The company’s 50-day simple moving average is $28.91 and its 200-day simple moving average is $26.27. The stock has a market capitalization of $4.37 billion, a PE ratio of 59.13 and a beta of 1.10. The company has a debt-to-equity ratio of 0.34, a quick ratio of 13.37 and a current ratio of 13.37.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.29). The business had revenue of $68.89 million during the quarter, compared to analyst estimates of $66.36 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same period last year, the company earned $0.35 earnings per share. Analysts forecast that CareTrust REIT will post 1.48 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada boosted their target price on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft upped their price target on shares of CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a report on Monday, July 1st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.40.

Insider Transactions at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the transaction, the chief financial officer now directly owns 257,439 shares in the company, valued at $7,671,682.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.75% of the company’s stock.

CareTrust REIT Company Profile

CareTrust REIT, Inc’s (CareTrust REIT or the Company) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2024, the Company owned directly or through a joint venture and leased to independent operators, 228 skilled nursing facilities (SNFs), multi-service campuses, assisted living facilities (ALFs) and independent living facilities (ILFs) consisting of 24,189 operational beds and units located in 29 states with the highest concentration of properties by rental income located in California and Texas.