CareTrust REIT (NASDAQ:CTRE) Price Target Cut to $32.00 by Analysts at Royal Bank of Canada

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

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

CareTrust REIT Trading Down 2.8 %

Shares of CTRE opened at $24.90 on Friday. The business’s 50-day moving average price is $26.73 and its 200 day moving average price is $28.86. The stock has a market capitalization of $4.67 billion, a P/E ratio of 31.51, a P/E/G ratio of 1.26 and a beta of 1.09. CareTrust REIT has a 1-year low of $22.46 and a 1-year high of $33.15. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates 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 previous year, the firm posted $0.25 earnings per share. Analysts expect that CareTrust REIT will post 1.71 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.29 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a yield of 4.66%. CareTrust REIT’s payout ratio is presently 146.84%.

Institutional Investors Weigh In On CareTrust REIT

Institutional investors have recently bought and sold shares of the business. Advantage Trust Co acquired a new stake in CareTrust REIT during the 4th quarter worth about $30,000. Blue Trust Inc. boosted its position in CareTrust REIT by 178.3% during the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 772 shares during the period. Versant Capital Management Inc boosted its position in CareTrust REIT by 98.8% during the 4th quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 743 shares during the period. Quarry LP lifted its holdings in shares of CareTrust REIT by 463.5% during the 4th quarter. Quarry LP now owns 1,854 shares of the real estate investment trust’s stock valued at $50,000 after buying an additional 1,525 shares during the last quarter. Finally, Loomis Sayles & Co. L P lifted its holdings in shares of CareTrust REIT by 5,527.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 2,026 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 1,990 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

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.