Wedbush lowered shares of CareTrust REIT (NASDAQ:CTRE – Free Report) from a neutral rating to an underperform rating in a report issued on Thursday morning, MarketBeat.com reports. They currently have $26.00 target price on the real estate investment trust’s stock, down from their prior target price of $34.00.
A number of other equities analysts have also recently commented on the stock. Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. KeyCorp upped their target price on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, BMO Capital Markets downgraded CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $34.00 to $32.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, CareTrust REIT currently has an average rating of “Hold” and an average target price of $30.67.
View Our Latest Stock Analysis on CTRE
CareTrust REIT Trading Down 2.0 %
CareTrust REIT (NASDAQ:CTRE – Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.08). CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. The business had revenue of $77.38 million during the quarter, compared to analysts’ expectations of $74.12 million. During the same period in the previous year, the business earned $0.35 EPS. On average, equities research analysts anticipate that CareTrust REIT will post 1.5 EPS for the current fiscal year.
CareTrust REIT Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend is Tuesday, December 31st. CareTrust REIT’s dividend payout ratio is currently 161.11%.
Institutional Trading of CareTrust REIT
Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its stake in shares of CareTrust REIT by 5.5% during the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock valued at $394,948,000 after purchasing an additional 670,348 shares during the period. State Street Corp raised its holdings in CareTrust REIT by 6.7% during the 3rd quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust’s stock valued at $259,255,000 after buying an additional 520,783 shares during the last quarter. JPMorgan Chase & Co. boosted its position in CareTrust REIT by 381.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock valued at $212,267,000 after buying an additional 5,448,904 shares during the period. FMR LLC grew its holdings in CareTrust REIT by 209.9% in the 3rd quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after acquiring an additional 3,538,798 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of CareTrust REIT by 7.4% in the third quarter. Geode Capital Management LLC now owns 3,732,609 shares of the real estate investment trust’s stock valued at $115,209,000 after acquiring an additional 258,271 shares during the period. 87.77% of the stock is currently owned by hedge funds and other institutional investors.
CareTrust REIT Company Profile
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.
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