Analysts Set CareTrust REIT, Inc. (NASDAQ:CTRE) PT at $31.00

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have earned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $31.00.

CTRE has been the subject of several recent research reports. BMO Capital Markets boosted their target price on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. KeyCorp boosted their price objective on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft raised their target price on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a report on Monday, July 1st. Royal Bank of Canada lifted their target price on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st.

Insider Activity at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the sale, the chief financial officer now directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.75% of the stock is currently owned by company insiders.

Institutional Trading of CareTrust REIT

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of CareTrust REIT by 11.7% in the fourth quarter. Vanguard Group Inc. now owns 17,890,906 shares of the real estate investment trust’s stock valued at $400,398,000 after buying an additional 1,871,125 shares during the period. Quadrature Capital Ltd purchased a new stake in CareTrust REIT during the fourth quarter valued at about $287,000. Hazelview Securities Inc. bought a new position in CareTrust REIT during the first quarter worth about $20,047,000. Sound Income Strategies LLC boosted its position in CareTrust REIT by 61.4% during the first quarter. Sound Income Strategies LLC now owns 297,931 shares of the real estate investment trust’s stock worth $7,261,000 after purchasing an additional 113,338 shares during the period. Finally, AlphaMark Advisors LLC increased its stake in shares of CareTrust REIT by 177.2% in the first quarter. AlphaMark Advisors LLC now owns 10,050 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 6,425 shares in the last quarter. Institutional investors own 87.77% of the company’s stock.

CareTrust REIT Stock Performance

Shares of CareTrust REIT stock opened at $30.36 on Friday. The business has a 50-day simple moving average of $30.06 and a 200 day simple moving average of $27.07. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 58.38 and a beta of 1.10. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37. CareTrust REIT has a one year low of $20.10 and a one year high of $31.51.

CareTrust REIT (NASDAQ:CTRE) last issued its 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 firm had revenue of $68.89 million during the quarter, compared to the consensus estimate of $66.36 million. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same quarter in the prior year, the business earned $0.35 earnings per share. On average, research analysts anticipate that CareTrust REIT will post 1.48 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.82%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s dividend payout ratio is presently 223.08%.

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.