CareTrust REIT, Inc. (NASDAQ:CTRE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have been assigned an average rating of “Moderate Buy” from the six brokerages that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $31.00.

A number of research firms have recently issued reports on CTRE. BMO Capital Markets increased their target price on CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, October 7th. KeyCorp raised their price objective on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. Finally, Royal Bank of Canada raised their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd.

Insider Buying and Selling

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction 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 sale, 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 document filed with the Securities & Exchange Commission, which is available at this link. 1.75% of the stock is currently owned by insiders.

Institutional Trading of CareTrust REIT

A number of hedge funds have recently modified their holdings of CTRE. MetLife Investment Management LLC lifted its holdings in shares of CareTrust REIT by 3.8% during the 3rd quarter. MetLife Investment Management LLC now owns 85,669 shares of the real estate investment trust’s stock worth $2,644,000 after acquiring an additional 3,156 shares during the period. D.A. Davidson & CO. raised its position in CareTrust REIT by 5.4% in the third quarter. D.A. Davidson & CO. now owns 38,120 shares of the real estate investment trust’s stock worth $1,176,000 after purchasing an additional 1,948 shares in the last quarter. FMR LLC lifted its stake in 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 purchasing an additional 3,538,798 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in CareTrust REIT by 9.2% during the third quarter. The Manufacturers Life Insurance Company now owns 82,934 shares of the real estate investment trust’s stock valued at $2,559,000 after purchasing an additional 6,979 shares in the last quarter. Finally, Bank of Montreal Can grew its stake in shares of CareTrust REIT by 18.3% in the 3rd quarter. Bank of Montreal Can now owns 98,960 shares of the real estate investment trust’s stock valued at $3,044,000 after purchasing an additional 15,328 shares during the period. Institutional investors own 87.77% of the company’s stock.

CareTrust REIT Trading Down 1.3 %

NASDAQ:CTRE opened at $30.38 on Thursday. The stock has a fifty day simple moving average of $30.74 and a 200 day simple moving average of $27.87. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 42.19 and a beta of 1.09. CareTrust REIT has a 1-year low of $20.10 and a 1-year high of $33.15. The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.16.

CareTrust REIT (NASDAQ:CTRE) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.08). CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. The firm had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. During the same quarter in the previous year, the business earned $0.35 earnings per share. Sell-side analysts forecast that CareTrust REIT will post 1.5 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is currently 161.11%.

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.