Analysts Set CareTrust REIT, Inc. (NASDAQ:CTRE) PT at $31.00

CareTrust REIT, Inc. (NASDAQ:CTRE) has been assigned a consensus recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $31.00.

CTRE has been the topic of a number of recent research reports. Royal Bank of Canada cut their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $34.00 to $32.00 in a report on Monday, December 9th. Wells Fargo & Company decreased their price target on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Thursday, March 13th. Finally, Wedbush reissued an “underperform” rating and set a $26.00 target price on shares of CareTrust REIT in a research report on Friday, March 14th.

Hedge Funds Weigh In On CareTrust REIT

A number of large investors have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of CareTrust REIT by 6.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 167,608 shares of the real estate investment trust’s stock valued at $5,172,000 after purchasing an additional 10,460 shares in the last quarter. KBC Group NV boosted its stake in CareTrust REIT by 32.6% during the third quarter. KBC Group NV now owns 3,534 shares of the real estate investment trust’s stock worth $109,000 after acquiring an additional 869 shares in the last quarter. Metis Global Partners LLC raised its holdings in CareTrust REIT by 40.7% in the third quarter. Metis Global Partners LLC now owns 15,878 shares of the real estate investment trust’s stock worth $490,000 after buying an additional 4,597 shares during the last quarter. CIBC Asset Management Inc purchased a new position in CareTrust REIT in the third quarter worth about $238,000. Finally, Swiss National Bank raised its holdings in CareTrust REIT by 4.4% in the third quarter. Swiss National Bank now owns 277,349 shares of the real estate investment trust’s stock worth $8,559,000 after buying an additional 11,800 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Stock Down 1.0 %

Shares of CTRE opened at $28.70 on Wednesday. CareTrust REIT has a 12 month low of $23.26 and a 12 month high of $33.15. The firm’s 50 day moving average is $26.66 and its 200-day moving average is $28.64. The stock has a market capitalization of $5.39 billion, a PE ratio of 36.33, a P/E/G ratio of 1.25 and a beta of 1.11. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.

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 analysts’ consensus estimates 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 quarter in the prior year, the firm earned $0.25 earnings per share. Equities research analysts forecast that CareTrust REIT will post 1.71 EPS for the current year.

CareTrust REIT Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.335 per share. The ex-dividend date is Monday, March 31st. This represents a $1.34 annualized dividend and a dividend yield of 4.67%. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.29. CareTrust REIT’s dividend payout ratio (DPR) is 146.84%.

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.