CareTrust REIT, Inc. (NASDAQ:CTRE) Declares Quarterly Dividend of $0.29

CareTrust REIT, Inc. (NASDAQ:CTRE) announced a quarterly dividend on Wednesday, September 18th, Wall Street Journal reports. Investors of record on Monday, September 30th will be given a dividend of 0.29 per share by the real estate investment trust on Tuesday, October 15th. This represents a $1.16 annualized dividend and a yield of 3.75%. The ex-dividend date is Monday, September 30th.

CareTrust REIT has raised its dividend by an average of 7.8% per year over the last three years. CareTrust REIT has a dividend payout ratio of 93.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect CareTrust REIT to earn $1.65 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 70.3%.

CareTrust REIT Trading Down 0.2 %

CareTrust REIT stock traded down $0.06 during midday trading on Wednesday, hitting $30.94. 2,233,270 shares of the stock were exchanged, compared to its average volume of 1,382,427. CareTrust REIT has a fifty-two week low of $19.79 and a fifty-two week high of $31.51. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of 59.63 and a beta of 1.10. The stock’s 50-day simple moving average is $28.23 and its 200 day simple moving average is $25.90. The company has a current ratio of 13.37, a quick ratio of 13.37 and a debt-to-equity ratio of 0.34.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.29). CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. The company had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. On average, equities analysts anticipate that CareTrust REIT will post 1.48 EPS for the current year.

Insider Buying and Selling

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total value of $1,043,000.00. Following the completion of the transaction, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.75% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CTRE. Wells Fargo & Company raised their price objective on shares of CareTrust REIT from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, May 30th. Royal Bank of Canada raised their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Wedbush began coverage on shares of CareTrust REIT in a research note on Wednesday, May 29th. They issued a “neutral” rating and a $26.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research note on Monday, July 1st. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.67.

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.