Wells Fargo & Company Issues Pessimistic Forecast for CareTrust REIT (NASDAQ:CTRE) Stock Price

CareTrust REIT (NASDAQ:CTRE) had its price target cut by Wells Fargo & Company from $34.00 to $31.00 in a research note released on Monday,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also issued reports on the stock. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and cut their target price for the company from $34.00 to $32.00 in a research note on Monday, December 9th. Royal Bank of Canada lowered their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Finally, Wedbush lowered shares of CareTrust REIT from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $34.00 to $26.00 in a research report on Thursday, January 2nd. 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. According to MarketBeat.com, CareTrust REIT currently has a consensus rating of “Hold” and a consensus target price of $30.33.

CareTrust REIT Stock Up 3.5 %

Shares of NASDAQ CTRE opened at $26.97 on Monday. CareTrust REIT has a 52-week low of $23.26 and a 52-week high of $33.15. The firm has a fifty day moving average of $26.37 and a 200-day moving average of $28.70. The stock has a market capitalization of $5.06 billion, a PE ratio of 34.14, a P/E/G ratio of 1.25 and a beta of 1.11. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.12). CareTrust REIT had a return on equity of 5.59% and a net margin of 42.22%. During the same quarter in the previous year, the firm earned $0.25 EPS. On average, analysts anticipate that CareTrust REIT will post 1.71 EPS for the current year.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend was Tuesday, December 31st. CareTrust REIT’s payout ratio is presently 146.84%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CTRE. Advantage Trust Co bought a new position in CareTrust REIT in the 4th quarter worth $30,000. Versant Capital Management Inc raised its holdings in CareTrust REIT by 98.8% in the 4th quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 743 shares during the period. Blue Trust Inc. raised its holdings in CareTrust REIT by 50.0% in the 4th quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 603 shares during the period. Quarry LP increased its holdings in shares of CareTrust REIT by 463.5% during the 4th quarter. Quarry LP now owns 1,854 shares of the real estate investment trust’s stock worth $50,000 after purchasing an additional 1,525 shares during the period. Finally, Glen Eagle Advisors LLC bought a new position in shares of CareTrust REIT during the 4th quarter worth about $56,000. Institutional investors own 87.77% of the company’s stock.

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.