CareTrust REIT, Inc. (NASDAQ:CTRE) Receives $31.00 Average Target Price from Analysts

CareTrust REIT, Inc. (NASDAQ:CTRE) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $30.67.

A number of brokerages have recently weighed in on CTRE. KeyCorp upped their target price on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Royal Bank of Canada increased their price objective on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $34.00 to $32.00 in a research report on Monday. Finally, Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st.

CareTrust REIT Price Performance

NASDAQ CTRE opened at $28.54 on Monday. CareTrust REIT has a 1 year low of $20.10 and a 1 year high of $33.15. The business’s fifty day moving average is $30.41 and its two-hundred day moving average is $28.54. The stock has a market capitalization of $4.89 billion, a P/E ratio of 39.64 and a beta of 1.08. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60.

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

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.29 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 4.06%. CareTrust REIT’s dividend payout ratio is currently 161.11%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC raised its stake in CareTrust REIT by 16.8% during the 3rd quarter. CWM LLC now owns 3,244 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 467 shares during the period. Quantinno Capital Management LP raised its stake in CareTrust REIT by 3.2% during the 3rd quarter. Quantinno Capital Management LP now owns 17,097 shares of the real estate investment trust’s stock worth $528,000 after buying an additional 533 shares during the period. United Services Automobile Association raised its stake in CareTrust REIT by 5.0% during the 2nd quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust’s stock worth $282,000 after buying an additional 540 shares during the period. OVERSEA CHINESE BANKING Corp Ltd raised its stake in CareTrust REIT by 0.4% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 151,594 shares of the real estate investment trust’s stock worth $4,678,000 after buying an additional 544 shares during the period. Finally, Pitcairn Co. raised its stake in CareTrust REIT by 5.3% during the 3rd quarter. Pitcairn Co. now owns 13,440 shares of the real estate investment trust’s stock worth $415,000 after buying an additional 671 shares during the period. 87.77% of the stock is currently owned by institutional investors.

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.