CareTrust REIT (NASDAQ:CTRE) Hits New 52-Week High at $30.02

CareTrust REIT, Inc. (NASDAQ:CTRE) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $30.02 and last traded at $29.98, with a volume of 254299 shares trading hands. The stock had previously closed at $29.50.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CTRE. Wedbush began coverage on shares of CareTrust REIT in a report on Wednesday, May 29th. They set a “neutral” rating and a $26.00 target price on the stock. KeyCorp upped their price target on shares of CareTrust REIT from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. Wells Fargo & Company lifted their price objective on shares of CareTrust REIT from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 30th. Deutsche Bank Aktiengesellschaft upped their target price on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st. Finally, Royal Bank of Canada lifted their price target on CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CareTrust REIT presently has an average rating of “Hold” and a consensus target price of $26.67.

CareTrust REIT Stock Down 0.5 %

The company has a market cap of $4.23 billion, a PE ratio of 57.54 and a beta of 1.09. The business has a fifty day simple moving average of $27.42 and a two-hundred day simple moving average of $25.43. 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 posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.29). The company had revenue of $68.89 million during the quarter, compared to analysts’ expectations of $66.36 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same quarter last year, the company earned $0.35 earnings per share. As a group, equities research analysts predict that CareTrust REIT, Inc. will post 1.48 earnings per share for the current year.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date was Friday, June 28th. CareTrust REIT’s dividend payout ratio is presently 223.08%.

Insider Buying and Selling at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC acquired a new position in shares of CareTrust REIT in the 2nd quarter valued at $319,000. Quarry LP raised its holdings 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 purchasing an additional 2,613 shares in the last quarter. Creative Planning grew its holdings in CareTrust REIT by 3.1% during the second quarter. Creative Planning now owns 35,330 shares of the real estate investment trust’s stock worth $887,000 after acquiring an additional 1,071 shares during the period. Algert Global LLC acquired a new stake in CareTrust REIT in the second quarter valued at $341,000. Finally, Susquehanna Fundamental Investments LLC grew its position in CareTrust REIT by 27.1% during the second quarter. Susquehanna Fundamental Investments LLC now owns 247,068 shares of the real estate investment trust’s stock worth $6,201,000 after buying an additional 52,610 shares during the period. Hedge funds and other institutional investors own 87.77% of the company’s stock.

About CareTrust REIT

CareTrust REIT, Inc is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States.