Brokerages Set CareTrust REIT, Inc. (NASDAQ:CTRE) Target Price at $27.40

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have been given a consensus rating of “Hold” by the five research firms that are presently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $27.40.

CTRE has been the topic of several analyst reports. Royal Bank of Canada increased 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. Deutsche Bank Aktiengesellschaft increased their price target on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st.

CareTrust REIT Price Performance

CTRE opened at $30.76 on Wednesday. The stock’s 50-day moving average price is $28.91 and its 200 day moving average price is $26.31. CareTrust REIT has a 12-month low of $19.87 and a 12-month high of $31.51. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of 59.15 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.

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 (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.29). CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. The business had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. During the same period in the prior year, the company posted $0.35 EPS. As a group, sell-side analysts expect that CareTrust REIT will post 1.48 earnings per share for the current year.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.77%. The ex-dividend date is Monday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is presently 223.08%.

Insider Activity at CareTrust REIT

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the firm’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 sale, the chief financial officer now owns 257,439 shares of the company’s stock, valued at $7,671,682.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CareTrust REIT

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. purchased a new position in shares of CareTrust REIT during the second quarter worth about $27,000. Sanctuary Advisors LLC purchased a new position in CareTrust REIT during the 2nd quarter worth approximately $319,000. Quarry LP increased its position in CareTrust REIT by 536.6% during the second quarter. Quarry LP now owns 3,100 shares of the real estate investment trust’s stock worth $78,000 after buying an additional 2,613 shares during the period. Creative Planning lifted its stake in CareTrust REIT by 3.1% in the second quarter. Creative Planning now owns 35,330 shares of the real estate investment trust’s stock valued at $887,000 after buying an additional 1,071 shares during the last quarter. Finally, Algert Global LLC acquired a new stake in shares of CareTrust REIT in the second quarter valued at approximately $341,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

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.