CareTrust REIT (NYSE:CTRE) Reaches New 1-Year High – Here’s Why

CareTrust REIT, Inc. (NYSE:CTRE) shares hit a new 52-week high during trading on Friday . The company traded as high as $43.10 and last traded at $42.7360, with a volume of 800118 shares trading hands. The stock had previously closed at $41.97.

Wall Street Analyst Weigh In

Several research firms have weighed in on CTRE. BMO Capital Markets upped their price objective on shares of CareTrust REIT from $46.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. Weiss Ratings upgraded shares of CareTrust REIT from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, July 6th. Wells Fargo & Company upped their price target on shares of CareTrust REIT from $42.00 to $47.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st. KeyCorp reiterated an “overweight” rating and set a $46.00 price objective on shares of CareTrust REIT in a report on Friday, May 29th. Finally, Zacks Research upgraded CareTrust REIT from a “strong sell” rating to a “hold” rating in a report on Monday, May 25th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, CareTrust REIT currently has an average rating of “Buy” and an average target price of $44.82.

CareTrust REIT Stock Up 2.2%

The business has a fifty day moving average of $39.92 and a 200 day moving average of $38.99. The stock has a market cap of $10.13 billion, a price-to-earnings ratio of 27.49, a P/E/G ratio of 1.93 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.38 and a quick ratio of 2.37.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 30th. CareTrust REIT’s payout ratio is currently 100.00%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Kemnay Advisory Services Inc. acquired a new stake in shares of CareTrust REIT in the 4th quarter valued at $27,000. Transamerica Financial Advisors LLC increased its position in CareTrust REIT by 520.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 868 shares of the company’s stock worth $32,000 after buying an additional 728 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in CareTrust REIT by 134.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the company’s stock worth $34,000 after buying an additional 644 shares during the last quarter. Allworth Financial LP raised its holdings in CareTrust REIT by 114.0% during the third quarter. Allworth Financial LP now owns 1,042 shares of the company’s stock valued at $36,000 after buying an additional 555 shares in the last quarter. Finally, Mcguire Capital Advisors Inc. bought a new position in CareTrust REIT during the fourth quarter valued at about $40,000. Institutional investors and hedge funds own 87.77% of the company’s stock.

About CareTrust REIT

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.