CareTrust REIT, Inc. (NASDAQ:CTRE) Receives $31.00 Average PT from Brokerages

CareTrust REIT, Inc. (NASDAQ:CTRE) has received a consensus rating of “Moderate Buy” from the six analysts that are presently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $31.00.

A number of brokerages have recently issued reports on CTRE. Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. Royal Bank of Canada lifted their target price on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. BMO Capital Markets increased their price target on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Finally, KeyCorp lifted their price objective on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, October 7th.

CareTrust REIT Stock Performance

NASDAQ CTRE opened at $30.33 on Thursday. The company’s 50 day simple moving average is $30.75 and its two-hundred day simple moving average is $27.95. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. CareTrust REIT has a 1 year low of $20.10 and a 1 year high of $33.15. The stock has a market capitalization of $5.20 billion, a PE ratio of 42.13 and a beta of 1.09.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. The business had revenue of $77.38 million during the quarter, compared to analysts’ expectations of $74.12 million. During the same quarter last year, the business posted $0.35 EPS. Analysts predict that CareTrust REIT will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.29 per share. 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 (DPR) is presently 161.11%.

Insider Activity

In other news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total value of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. The trade was a 11.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CareTrust REIT

A number of large investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of CareTrust REIT by 7.4% in the third quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust’s stock worth $115,209,000 after purchasing an additional 258,271 shares during the last quarter. Vestcor Inc grew its holdings in CareTrust REIT by 1,846.2% in the 3rd quarter. Vestcor Inc now owns 133,703 shares of the real estate investment trust’s stock worth $4,126,000 after acquiring an additional 126,833 shares during the last quarter. M&T Bank Corp grew its holdings in CareTrust REIT by 11.5% in the 3rd quarter. M&T Bank Corp now owns 13,280 shares of the real estate investment trust’s stock worth $410,000 after acquiring an additional 1,374 shares during the last quarter. Barclays PLC increased its position in shares of CareTrust REIT by 264.9% in the third quarter. Barclays PLC now owns 259,820 shares of the real estate investment trust’s stock valued at $8,017,000 after acquiring an additional 188,622 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in shares of CareTrust REIT by 9.5% during the third quarter. Public Employees Retirement System of Ohio now owns 220,510 shares of the real estate investment trust’s stock valued at $6,805,000 after acquiring an additional 19,080 shares during the last quarter. 87.77% of the stock is owned by hedge funds and other institutional investors.

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.