CareTrust REIT, Inc. (NASDAQ:CTRE) to Issue $0.29 Quarterly Dividend

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Shareholders of record on Monday, September 30th will be given a dividend of 0.29 per share by the real estate investment trust on Tuesday, October 15th. This represents a $1.16 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Monday, September 30th.

CareTrust REIT has raised its dividend by an average of 7.8% per year over the last three years. CareTrust REIT has a dividend payout ratio of 93.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect CareTrust REIT to earn $1.65 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 70.3%.

CareTrust REIT Price Performance

Shares of CTRE stock traded down $0.07 during mid-day trading on Wednesday, hitting $30.93. The company had a trading volume of 2,233,275 shares, compared to its average volume of 1,382,427. The company has a market capitalization of $4.39 billion, a P/E ratio of 59.50 and a beta of 1.10. The stock’s 50 day moving average price is $28.23 and its 200-day moving average price is $25.90. CareTrust REIT has a 52-week low of $19.79 and a 52-week high of $31.51. 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 (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 the consensus estimate of $0.36 by ($0.29). CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. The firm had revenue of $68.89 million during the quarter, compared to the consensus estimate of $66.36 million. During the same period last year, the firm posted $0.35 earnings per share. Equities research analysts forecast that CareTrust REIT will post 1.48 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CTRE shares. Wells Fargo & Company lifted their price target on CareTrust REIT from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 30th. Wedbush assumed coverage on CareTrust REIT in a research report on Wednesday, May 29th. They set a “neutral” rating and a $26.00 target price on the stock. Deutsche Bank Aktiengesellschaft raised their price target on CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a research report on Monday, July 1st. Finally, Royal Bank of Canada boosted their price objective 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. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, CareTrust REIT has a consensus rating of “Hold” and a consensus price target of $26.67.

Insider Activity at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total value of $1,043,000.00. Following the completion of the sale, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.75% of the stock is currently owned by corporate insiders.

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.