CareTrust REIT, Inc. (CTRE) to Issue Quarterly Dividend of $0.34 on April 15th

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Tuesday, March 18th, RTT News reports. Investors of record on Monday, March 31st will be given a dividend of 0.335 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date is Monday, March 31st. This is a 15.5% increase from CareTrust REIT’s previous quarterly dividend of $0.29.

CareTrust REIT has increased its dividend by an average of 3.4% per year over the last three years. CareTrust REIT has a payout ratio of 74.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect CareTrust REIT to earn $1.93 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 60.1%.

CareTrust REIT Price Performance

CTRE stock opened at $29.15 on Thursday. CareTrust REIT has a 52 week low of $23.26 and a 52 week high of $33.15. The firm has a market capitalization of $5.47 billion, a P/E ratio of 36.89, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11. The company has a fifty day simple moving average of $26.56 and a two-hundred day simple moving average of $28.65. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on CTRE. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $34.00 to $32.00 in a report on Monday, December 9th. Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a report on Thursday, March 13th. Wedbush reiterated an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a report on Friday, March 14th. Wells Fargo & Company decreased their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Finally, Royal Bank of Canada reduced their price target on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

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.