CareTrust REIT, Inc. (NASDAQ:CTRE) Increases Dividend to $0.34 Per Share

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Tuesday, March 18th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.335 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date of this dividend is Monday, March 31st. This is a 15.5% increase from CareTrust REIT’s previous quarterly dividend of $0.29.

CareTrust REIT has raised its dividend by an average of 3.4% annually over the last three years. CareTrust REIT has a payout ratio of 74.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect CareTrust REIT to earn $1.93 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 60.1%.

CareTrust REIT Stock Up 0.9 %

CareTrust REIT stock opened at $29.15 on Thursday. CareTrust REIT has a twelve month low of $23.26 and a twelve month high of $33.15. The business has a fifty day moving average of $26.56 and a two-hundred day moving average of $28.65. The firm has a market cap of $5.47 billion, a P/E ratio of 36.89, 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 posted its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.12). CareTrust REIT had a net margin of 42.22% and a return on equity of 5.59%. During the same period in the previous year, the business posted $0.25 earnings per share. On average, analysts forecast that CareTrust REIT will post 1.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CTRE has been the topic of several analyst reports. Wedbush reaffirmed an “underperform” rating and issued a $26.00 price target on shares of CareTrust REIT in a report on Friday, March 14th. Wells Fargo & Company decreased their price target on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada cut their price target 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. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, CareTrust REIT presently has an average rating of “Moderate Buy” and an average target price of $31.00.

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.