CareTrust REIT (NASDAQ:CTRE) Upgraded at Wells Fargo & Company

CareTrust REIT (NASDAQ:CTRE) was upgraded by Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a note issued to investors on Tuesday, FinViz reports. The firm currently has a $34.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $28.00. Wells Fargo & Company‘s price target points to a potential upside of 10.21% from the company’s previous close.

Several other analysts also recently weighed in on CTRE. Royal Bank of Canada boosted their price objective on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft boosted their price objective on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, CareTrust REIT currently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

CareTrust REIT Stock Up 0.3 %

Shares of CTRE opened at $30.85 on Tuesday. The firm has a market cap of $4.38 billion, a P/E ratio of 59.33 and a beta of 1.10. The stock has a 50 day simple moving average of $28.99 and a two-hundred day simple moving average of $26.36. 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 1 year low of $19.87 and a 1 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 the consensus estimate of $0.36 by ($0.29). The firm had revenue of $68.89 million during the quarter, compared to analysts’ expectations of $66.36 million. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same period in the prior year, the company earned $0.35 EPS. On average, analysts forecast that CareTrust REIT will post 1.48 earnings per share for the current fiscal year.

Insider Activity at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CareTrust REIT

A number of institutional investors have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC grew its stake in shares of CareTrust REIT by 520.4% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 20,040 shares of the real estate investment trust’s stock worth $448,000 after acquiring an additional 16,810 shares during the last quarter. Eagle Asset Management Inc. purchased a new stake in shares of CareTrust REIT in the fourth quarter worth $4,978,000. Dean Capital Management grew its stake in shares of CareTrust REIT by 10.4% in the fourth quarter. Dean Capital Management now owns 36,812 shares of the real estate investment trust’s stock worth $824,000 after acquiring an additional 3,476 shares during the last quarter. Heitman Real Estate Securities LLC grew its stake in shares of CareTrust REIT by 32.8% in the fourth quarter. Heitman Real Estate Securities LLC now owns 775,490 shares of the real estate investment trust’s stock worth $17,355,000 after acquiring an additional 191,456 shares during the last quarter. Finally, GRS Advisors LLC purchased a new stake in shares of CareTrust REIT in the fourth quarter worth $31,656,000. Institutional investors own 87.77% of the company’s stock.

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.