KeyCorp Boosts CareTrust REIT (NASDAQ:CTRE) Price Target to $34.00

CareTrust REIT (NASDAQ:CTRE) had its price objective boosted by equities researchers at KeyCorp from $27.00 to $34.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. KeyCorp’s price objective would indicate a potential upside of 11.66% from the stock’s previous close.

A number of other equities research analysts have also commented on the company. Deutsche Bank Aktiengesellschaft upped their target price on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st. BMO Capital Markets upped their target price on CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a research report on Monday. Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. Finally, Royal Bank of Canada boosted their price target on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CareTrust REIT currently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

CareTrust REIT Stock Up 0.3 %

Shares of CTRE stock traded up $0.08 during trading hours on Monday, reaching $30.45. 151,380 shares of the company’s stock were exchanged, compared to its average volume of 1,418,387. CareTrust REIT has a 1 year low of $20.10 and a 1 year high of $31.51. The stock has a market cap of $4.33 billion, a PE ratio of 58.56 and a beta of 1.10. The company has a current ratio of 13.37, a quick ratio of 13.37 and a debt-to-equity ratio of 0.34. The stock’s fifty day moving average price is $29.31 and its two-hundred day moving average price is $26.55.

CareTrust REIT (NASDAQ:CTRE) last issued 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). The business had revenue of $68.89 million for the quarter, compared to analysts’ expectations of $66.36 million. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same quarter in the previous year, the firm posted $0.35 EPS. Research analysts predict that CareTrust REIT will post 1.48 EPS for the current year.

Insider Transactions at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the completion of the transaction, the chief financial officer now directly owns 257,439 shares of the company’s stock, valued at $7,671,682.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.75% of the company’s stock.

Hedge Funds Weigh In On CareTrust REIT

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its position in CareTrust REIT by 85.1% in the 3rd quarter. GAMMA Investing LLC now owns 3,243 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 1,491 shares in the last quarter. Handelsbanken Fonder AB raised its position in CareTrust REIT by 68.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 43,846 shares of the real estate investment trust’s stock valued at $1,353,000 after purchasing an additional 17,800 shares in the last quarter. Trust Co. of Toledo NA OH raised its position in CareTrust REIT by 9.7% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 35,450 shares of the real estate investment trust’s stock valued at $1,094,000 after purchasing an additional 3,132 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in CareTrust REIT in the 2nd quarter valued at about $27,000. Finally, Sanctuary Advisors LLC acquired a new stake in CareTrust REIT in the 2nd quarter valued at about $319,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

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.