CareTrust REIT, Inc. (NASDAQ:CTRE) Receives $31.00 Average PT from Analysts

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have received an average recommendation of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $31.00.

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

CareTrust REIT Stock Performance

Shares of CTRE stock opened at $28.85 on Wednesday. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of 36.52, a PEG 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. The business’s 50-day moving average price is $26.75 and its 200-day moving average price is $28.62. CareTrust REIT has a 12 month low of $23.26 and a 12 month high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last issued 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 business posted $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 paid a $0.335 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.34 annualized dividend and a dividend yield of 4.64%. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.29. CareTrust REIT’s payout ratio is currently 169.62%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CTRE. California State Teachers Retirement System raised its holdings in shares of CareTrust REIT by 9.0% during the fourth quarter. California State Teachers Retirement System now owns 146,482 shares of the real estate investment trust’s stock valued at $3,962,000 after purchasing an additional 12,061 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of CareTrust REIT in the 4th quarter valued at about $204,000. Mackenzie Financial Corp increased its position in CareTrust REIT by 254.3% in the 4th quarter. Mackenzie Financial Corp now owns 73,151 shares of the real estate investment trust’s stock valued at $1,979,000 after buying an additional 52,502 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in CareTrust REIT during the 4th quarter worth approximately $76,000. Finally, Public Employees Retirement System of Ohio boosted its holdings in CareTrust REIT by 20.5% in the fourth quarter. Public Employees Retirement System of Ohio now owns 265,772 shares of the real estate investment trust’s stock worth $7,189,000 after acquiring an additional 45,262 shares in the last quarter. 87.77% of the stock is owned by 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.