CareTrust REIT, Inc. (CTRE) to Issue Quarterly Dividend of $0.29 on January 15th

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Monday, December 16th,RTT News reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.29 per share by the real estate investment trust on Wednesday, January 15th. This represents a $1.16 annualized dividend and a dividend yield of 4.29%. The ex-dividend date is Tuesday, December 31st.

CareTrust REIT has raised its dividend payment by an average of 7.8% per year over the last three years. CareTrust REIT has a dividend payout ratio of 85.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect CareTrust REIT to earn $1.75 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 66.3%.

CareTrust REIT Price Performance

NASDAQ CTRE opened at $27.06 on Friday. CareTrust REIT has a one year low of $20.10 and a one year high of $33.15. The stock has a 50-day moving average of $29.76 and a 200 day moving average of $28.72. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.60 and a current ratio of 7.60. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of 37.58, a PEG ratio of 1.59 and a beta of 1.07.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings results 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 company had revenue of $77.38 million during the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same quarter in the prior year, the firm earned $0.35 earnings per share. On average, sell-side analysts forecast that CareTrust REIT will post 1.5 EPS for the current year.

Wall Street Analysts Forecast Growth

CTRE has been the topic of several research analyst reports. KeyCorp increased their price target on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $34.00 to $32.00 in a research report on Monday, December 9th. Finally, Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, CareTrust REIT currently has an average rating of “Moderate Buy” and an average price target of $30.67.

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.