CareTrust REIT (NASDAQ:CTRE) Issues FY24 Earnings Guidance

CareTrust REIT (NASDAQ:CTRE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $1.49-1.50 for the period, compared to the consensus EPS estimate of $1.48.

CareTrust REIT Trading Up 1.9 %

Shares of CTRE traded up $0.61 during midday trading on Tuesday, hitting $31.92. The stock had a trading volume of 1,306,559 shares, compared to its average volume of 1,405,261. CareTrust REIT has a fifty-two week low of $20.10 and a fifty-two week high of $31.97. The business has a 50-day simple moving average of $30.30 and a two-hundred day simple moving average of $27.27. The firm has a market cap of $4.53 billion, a P/E ratio of 60.71 and a beta of 1.10. 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 announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.29). CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. The firm had revenue of $68.89 million during the quarter, compared to analyst estimates of $66.36 million. During the same quarter in the previous year, the business earned $0.35 earnings per share. As a group, equities analysts forecast that CareTrust REIT will post 1.48 EPS for the current year.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is 223.08%.

Analysts Set New Price Targets

Several brokerages recently weighed in on CTRE. BMO Capital Markets raised their price objective on shares of CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Royal Bank of Canada lifted their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st. Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. Finally, KeyCorp lifted their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $31.00.

Insiders Place Their Bets

In other news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction dated 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.75% of the company’s stock.

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.