CareTrust REIT, Inc. (NASDAQ:CTRE) Receives Average Rating of “Hold” from Analysts

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have earned an average rating of “Hold” from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $30.67.

A number of brokerages recently issued reports on CTRE. Wedbush lowered CareTrust REIT from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $34.00 to $26.00 in a report on Thursday, January 2nd. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and cut their target price for the company from $34.00 to $32.00 in a research note on Monday, December 9th. Finally, KeyCorp increased their price target on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, October 7th.

CareTrust REIT Trading Up 0.1 %

NASDAQ:CTRE opened at $26.52 on Tuesday. The business has a 50 day simple moving average of $27.69 and a 200 day simple moving average of $28.96. The firm has a market capitalization of $4.55 billion, a P/E ratio of 36.83, a P/E/G ratio of 1.24 and a beta of 1.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. CareTrust REIT has a 12-month low of $20.10 and a 12-month high of $33.15.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.37%. The ex-dividend date was Tuesday, December 31st. CareTrust REIT’s payout ratio is currently 161.11%.

Institutional Trading of CareTrust REIT

Institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in shares of CareTrust REIT by 381.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock valued at $212,267,000 after acquiring an additional 5,448,904 shares in the last quarter. Eagle Asset Management Inc. increased its holdings in CareTrust REIT by 22.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust’s stock valued at $13,264,000 after buying an additional 78,560 shares during the period. Raymond James & Associates raised its position in CareTrust REIT by 10.6% in the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust’s stock worth $21,138,000 after purchasing an additional 65,756 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of CareTrust REIT during the 3rd quarter worth approximately $7,475,000. Finally, Principal Financial Group Inc. grew its holdings in shares of CareTrust REIT by 5.2% in the 3rd quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust’s stock worth $25,870,000 after purchasing an additional 41,623 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

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.