CareTrust REIT, Inc. (NASDAQ:CTRE) Receives Consensus Recommendation of “Moderate Buy” from Analysts

CareTrust REIT, Inc. (NASDAQ:CTRE) has received a consensus recommendation of “Moderate Buy” from the six analysts that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $31.00.

Several equities analysts have recently commented on CTRE shares. Wells Fargo & Company upgraded shares of 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 report on Tuesday, October 1st. Royal Bank of Canada lifted their price objective on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. KeyCorp increased their target price on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. BMO Capital Markets lifted 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, October 7th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a research note on Monday, July 1st.

Insider Activity

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were 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 owns 257,439 shares in the company, valued at $7,671,682.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.75% of the company’s stock.

Institutional Trading of CareTrust REIT

A number of hedge funds and other institutional investors have recently bought and sold shares of CTRE. Vanguard Group Inc. increased its holdings in shares of CareTrust REIT by 13.3% in the 1st quarter. Vanguard Group Inc. now owns 20,267,738 shares of the real estate investment trust’s stock valued at $493,925,000 after acquiring an additional 2,376,832 shares during the last quarter. Centersquare Investment Management LLC increased its stake in CareTrust REIT by 1.6% in the first quarter. Centersquare Investment Management LLC now owns 2,869,111 shares of the real estate investment trust’s stock valued at $70,924,000 after purchasing an additional 45,733 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in CareTrust REIT by 15.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust’s stock valued at $51,626,000 after purchasing an additional 281,120 shares during the last quarter. Zimmer Partners LP acquired a new stake in CareTrust REIT during the first quarter worth approximately $41,763,000. Finally, Russell Investments Group Ltd. lifted its position in shares of CareTrust REIT by 49.7% during the 1st quarter. Russell Investments Group Ltd. now owns 841,605 shares of the real estate investment trust’s stock worth $20,509,000 after buying an additional 279,412 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

CareTrust REIT Price Performance

CTRE stock opened at $30.88 on Friday. CareTrust REIT has a 52-week low of $20.10 and a 52-week high of $31.51. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 59.38 and a beta of 1.10. The business has a fifty day moving average of $29.96 and a two-hundred day moving average of $26.97.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) 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 analyst estimates of $66.36 million. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same period in the previous year, the business posted $0.35 earnings per share. As a group, research analysts anticipate that CareTrust REIT will post 1.48 earnings per share for the current year.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s dividend payout ratio is currently 223.08%.

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.