CareTrust REIT, Inc. (NASDAQ:CTRE) Receives $31.00 Consensus Target Price from Brokerages

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $31.00.

A number of brokerages recently weighed in on CTRE. Wells Fargo & Company lowered their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Wedbush restated an “underperform” rating and set a $26.00 price objective on shares of CareTrust REIT in a research report on Friday, March 14th. BMO Capital Markets downgraded shares of 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. Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research report on Thursday, March 13th. Finally, Royal Bank of Canada lowered their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st.

CareTrust REIT Trading Down 1.0 %

Shares of NASDAQ CTRE opened at $28.70 on Wednesday. The firm’s 50 day moving average price is $26.66 and its 200-day moving average price is $28.63. The company has a market cap of $5.39 billion, a PE ratio of 36.33, a P/E/G ratio of 1.25 and a beta of 1.11. CareTrust REIT has a 52-week low of $23.26 and a 52-week 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.

CareTrust REIT (NASDAQ:CTRE) last issued its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share (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 quarter in the prior year, the company posted $0.25 earnings per share. On average, equities research analysts expect that CareTrust REIT will post 1.71 EPS for the current fiscal year.

CareTrust REIT Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.335 per share. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date of this dividend is Monday, March 31st. CareTrust REIT’s dividend payout ratio is currently 169.62%.

Institutional Trading of CareTrust REIT

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advantage Trust Co purchased a new stake in CareTrust REIT during the fourth quarter valued at approximately $30,000. Versant Capital Management Inc increased its holdings in CareTrust REIT by 98.8% during the fourth quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 743 shares during the last quarter. Blue Trust Inc. increased its holdings in CareTrust REIT by 50.0% during the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 603 shares during the last quarter. Quarry LP increased its stake in shares of CareTrust REIT by 463.5% in the fourth quarter. Quarry LP now owns 1,854 shares of the real estate investment trust’s stock worth $50,000 after purchasing an additional 1,525 shares in the last quarter. Finally, Glen Eagle Advisors LLC purchased a new stake in shares of CareTrust REIT in the fourth quarter worth $56,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

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.