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

CareTrust REIT, Inc. (NASDAQ:CTRE) has been assigned a consensus recommendation of “Hold” from the five brokerages that are covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $27.40.

A number of equities analysts have recently issued reports on the stock. Royal Bank of Canada increased their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft increased their target price on shares of CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a report on Monday, July 1st.

Insider Buying and Selling at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.75% of the company’s stock.

Institutional Trading of CareTrust REIT

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. United Services Automobile Association boosted its stake in shares of CareTrust REIT by 5.0% during the 2nd quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust’s stock worth $282,000 after purchasing an additional 540 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in CareTrust REIT by 4.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 22,946 shares of the real estate investment trust’s stock worth $559,000 after acquiring an additional 895 shares during the last quarter. Creative Planning grew its stake in CareTrust REIT by 3.1% in the 2nd 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. Newbridge Financial Services Group Inc. acquired a new position in CareTrust REIT in the 2nd quarter valued at $27,000. Finally, GAMMA Investing LLC lifted its stake in shares of CareTrust REIT by 187.7% during the 2nd quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 1,143 shares during the period. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Trading Up 0.5 %

Shares of CareTrust REIT stock opened at $30.76 on Wednesday. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of 59.15 and a beta of 1.10. CareTrust REIT has a 52-week low of $19.87 and a 52-week high of $31.51. The company’s 50-day simple moving average is $28.91 and its 200-day simple moving average is $26.31.

CareTrust REIT (NASDAQ:CTRE) last issued its 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). 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 analysts’ expectations of $66.36 million. During the same period last year, the company posted $0.35 earnings per share. As a group, equities research analysts anticipate that CareTrust REIT will post 1.48 earnings per share for the current year.

CareTrust REIT Dividend Announcement

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

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.