Royal Bank of Canada Has Lowered Expectations for CareTrust REIT (NASDAQ:CTRE) Stock Price

CareTrust REIT (NASDAQ:CTRE) had its price objective reduced by Royal Bank of Canada from $37.00 to $32.00 in a report published on Friday,Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

A number of other analysts have also recently issued reports on CTRE. Wedbush cut CareTrust REIT from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $34.00 to $26.00 in a research report on Thursday, January 2nd. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $34.00 to $32.00 in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $30.83.

CareTrust REIT Stock Down 2.8 %

CTRE opened at $24.90 on Friday. The business has a 50 day moving average price of $26.73 and a 200 day moving average price of $28.86. CareTrust REIT has a twelve month low of $22.46 and a twelve month high of $33.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The firm has a market cap of $4.67 billion, a P/E ratio of 31.51, a price-to-earnings-growth ratio of 1.26 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.12). CareTrust REIT had a return on equity of 5.59% and a net margin of 42.22%. During the same period in the prior year, the company earned $0.25 earnings per share. Research analysts forecast that CareTrust REIT will post 1.71 EPS for the current year.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend was Tuesday, December 31st. CareTrust REIT’s dividend payout ratio is 146.84%.

Institutional Trading of CareTrust REIT

Institutional investors have recently bought and sold shares of the stock. CWM LLC boosted its stake in CareTrust REIT by 16.8% in the third quarter. CWM LLC now owns 3,244 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 467 shares in the last quarter. Creative Planning boosted its stake in CareTrust REIT by 76.6% in the third quarter. Creative Planning now owns 62,378 shares of the real estate investment trust’s stock worth $1,925,000 after purchasing an additional 27,048 shares in the last quarter. Blue Trust Inc. boosted its stake in CareTrust REIT by 178.3% in the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 772 shares in the last quarter. Raymond James & Associates boosted its stake in CareTrust REIT by 10.6% in the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust’s stock worth $21,138,000 after purchasing an additional 65,756 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in CareTrust REIT by 31.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 38,465 shares of the real estate investment trust’s stock worth $1,187,000 after purchasing an additional 9,238 shares in the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

About CareTrust REIT

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.