CareTrust REIT (NASDAQ:CTRE) Given New $31.00 Price Target at Wells Fargo & Company

CareTrust REIT (NASDAQ:CTRE) had its price objective trimmed by Wells Fargo & Company from $34.00 to $31.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

Several other analysts also recently weighed in on CTRE. Royal Bank of Canada cut their target price on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $34.00 to $32.00 in a research report on Monday, December 9th. Finally, Wedbush cut CareTrust REIT from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $34.00 to $26.00 in a research note on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $30.33.

CareTrust REIT Stock Performance

Shares of NASDAQ:CTRE opened at $25.78 on Monday. The business has a 50-day moving average of $26.41 and a two-hundred day moving average of $28.74. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. CareTrust REIT has a 12 month low of $23.26 and a 12 month high of $33.15. The firm has a market capitalization of $4.84 billion, a PE ratio of 32.63, a P/E/G ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings data 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 last year, the firm posted $0.25 EPS. As a group, research analysts forecast that CareTrust REIT will post 1.71 earnings per share for the current year.

CareTrust REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.50%. The ex-dividend date of this dividend was Tuesday, December 31st. CareTrust REIT’s dividend payout ratio (DPR) is presently 146.84%.

Institutional Investors Weigh In On CareTrust REIT

Several large investors have recently made changes to their positions in CTRE. JPMorgan Chase & Co. boosted its position in CareTrust REIT by 381.2% in 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 last quarter. Vanguard Group Inc. raised its holdings in shares of 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 during the period. FMR LLC boosted its position in shares of CareTrust REIT by 209.9% during the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after buying an additional 3,538,798 shares during the period. Raymond James Financial Inc. bought a new position in shares of CareTrust REIT during the 4th quarter worth approximately $49,048,000. Finally, Balyasny Asset Management L.P. grew its position in CareTrust REIT by 149.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust’s stock valued at $73,269,000 after purchasing an additional 1,623,297 shares in the last quarter. 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.