CareTrust REIT, Inc. (NASDAQ:CTRE) Given Consensus Rating of “Moderate Buy” by Brokerages

CareTrust REIT, Inc. (NASDAQ:CTRE) has received a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $31.00.

A number of brokerages have recently weighed in on CTRE. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. Wells Fargo & Company reduced their price target on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Wedbush reaffirmed an “underperform” rating and issued a $26.00 price objective on shares of CareTrust REIT in a report on Friday, March 14th. Royal Bank of Canada reduced their target price on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Thursday, March 13th.

Institutional Trading of CareTrust REIT

Several institutional investors and hedge funds have recently modified their holdings of CTRE. Vanguard Group Inc. raised its stake in CareTrust REIT by 18.5% during the fourth quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust’s stock worth $738,482,000 after acquiring an additional 4,263,097 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of CareTrust REIT by 5.5% during the 3rd 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 last quarter. State Street Corp increased its position 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 worth $259,255,000 after purchasing an additional 520,783 shares in the last quarter. FMR LLC lifted its stake in CareTrust REIT by 51.8% in the 4th quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust’s stock valued at $214,586,000 after purchasing an additional 2,708,050 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in CareTrust REIT by 381.2% in the third 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 in the last quarter. 87.77% of the stock is currently owned by institutional investors.

CareTrust REIT Trading Down 0.5 %

Shares of CareTrust REIT stock opened at $28.85 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The business has a fifty day simple moving average of $26.75 and a two-hundred day simple moving average of $28.62. CareTrust REIT has a 1 year low of $23.26 and a 1 year high of $33.15. The company has a market capitalization of $5.41 billion, a price-to-earnings ratio of 36.52, a P/E/G ratio of 1.25 and a beta of 1.11.

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 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 last year, the firm posted $0.25 EPS. Research analysts forecast that CareTrust REIT will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.335 dividend. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.34 annualized dividend and a dividend yield of 4.64%. CareTrust REIT’s dividend payout ratio (DPR) is presently 169.62%.

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.