KeyCorp Boosts CareTrust REIT (NASDAQ:CTRE) Price Target to $34.00

CareTrust REIT (NASDAQ:CTRE) had its price target lifted by KeyCorp from $27.00 to $34.00 in a research report sent to investors on Monday morning, Benzinga reports. KeyCorp currently has an overweight rating on the real estate investment trust’s stock.

CTRE has been the subject of several other research reports. Wells Fargo & Company upgraded CareTrust REIT from an equal weight rating to an overweight rating and upped their price target for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. BMO Capital Markets upped their price target on CareTrust REIT from $33.00 to $34.00 and gave the company an outperform rating in a report on Monday. Deutsche Bank Aktiengesellschaft increased their target price on CareTrust REIT from $23.00 to $27.00 and gave the stock a hold rating in a report on Monday, July 1st. Finally, Royal Bank of Canada increased their target price on CareTrust REIT from $27.00 to $31.00 and gave the stock an outperform rating in a report on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $31.00.

CareTrust REIT Trading Down 1.1 %

Shares of CTRE stock opened at $29.89 on Monday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 13.37 and a current ratio of 13.37. CareTrust REIT has a 1 year low of $20.10 and a 1 year high of $31.51. The stock has a fifty day moving average of $29.57 and a two-hundred day moving average of $26.68. The firm has a market capitalization of $4.61 billion, a PE ratio of 21.27 and a beta of 1.10.

CareTrust REIT (NASDAQ:CTRE) last announced 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 company had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. During the same period last year, the firm earned $0.35 earnings per share. As a group, research analysts expect that CareTrust REIT will post 1.48 EPS for the current year.

CareTrust REIT Dividend Announcement

The company 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 $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.88%. The ex-dividend date is Monday, September 30th. CareTrust REIT’s payout ratio is 196.61%.

Insider Activity

In related news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total value of $1,043,000.00. Following the completion of the sale, the chief financial officer now directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On CareTrust REIT

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTRE. Newbridge Financial Services Group Inc. bought a new position in shares of CareTrust REIT in the 2nd quarter valued at $27,000. Rothschild Investment LLC acquired a new stake in CareTrust REIT during the 2nd quarter worth about $34,000. Quest Partners LLC bought a new position in CareTrust REIT in the 2nd quarter valued at about $40,000. GAMMA Investing LLC lifted its position in CareTrust REIT by 187.7% in the 2nd quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 1,143 shares in the last quarter. Finally, Quarry LP lifted its position in CareTrust REIT by 536.6% in the 2nd quarter. Quarry LP now owns 3,100 shares of the real estate investment trust’s stock valued at $78,000 after acquiring an additional 2,613 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors.

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.