CareTrust REIT (NASDAQ:CTRE) Downgraded to Market Perform Rating by BMO Capital Markets

BMO Capital Markets lowered shares of CareTrust REIT (NASDAQ:CTRE) from an outperform rating to a market perform rating in a research note published on Monday morning, Marketbeat.com reports. BMO Capital Markets currently has $32.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $34.00.

Several other research firms have also recently issued reports on CTRE. KeyCorp lifted their price objective 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. Royal Bank of Canada raised their price target on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Finally, Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.67.

CareTrust REIT Trading Down 1.8 %

CTRE opened at $28.81 on Monday. The business has a fifty day moving average price of $30.49 and a 200 day moving average price of $28.52. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. CareTrust REIT has a 12 month low of $20.10 and a 12 month high of $33.15. The stock has a market capitalization of $4.94 billion, a price-to-earnings ratio of 40.01 and a beta of 1.08.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same period in the prior year, the firm posted $0.35 earnings per share. Sell-side analysts expect that CareTrust REIT will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 4.03%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s payout ratio is currently 161.11%.

Institutional Investors Weigh In On CareTrust REIT

Several large investors have recently modified their holdings of CTRE. Hsbc Holdings PLC lifted its position in CareTrust REIT by 25.4% during the 2nd quarter. Hsbc Holdings PLC now owns 104,410 shares of the real estate investment trust’s stock worth $2,618,000 after acquiring an additional 21,145 shares during the period. Raymond James & Associates raised its stake in shares of CareTrust REIT by 10.6% during the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust’s stock worth $21,138,000 after purchasing an additional 65,756 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of CareTrust REIT during the third quarter worth $7,475,000. Sanctuary Advisors LLC purchased a new position in CareTrust REIT in the 2nd quarter valued at $319,000. Finally, Eagle Asset Management Inc. increased its stake in CareTrust REIT by 22.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust’s stock valued at $13,264,000 after buying an additional 78,560 shares during the period. 87.77% of the stock is owned by institutional investors and hedge funds.

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.