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

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have been assigned a consensus recommendation of “Hold” from the six research firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $30.67.

A number of research firms have weighed in on CTRE. Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. KeyCorp increased their price target on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Wedbush cut shares of CareTrust REIT from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $34.00 to $26.00 in a research note on Thursday, January 2nd. Finally, BMO Capital Markets cut shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $34.00 to $32.00 in a research note on Monday, December 9th.

CareTrust REIT Stock Performance

Shares of CTRE opened at $26.93 on Friday. The company’s 50 day simple moving average is $29.05 and its 200-day simple moving average is $28.81. The firm has a market cap of $4.62 billion, a PE ratio of 37.40, a price-to-earnings-growth ratio of 1.59 and a beta of 1.09. CareTrust REIT has a 12-month low of $20.10 and a 12-month high of $33.15. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. The business had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. As a group, equities analysts predict that CareTrust REIT will post 1.5 EPS for the current year.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.29 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.16 annualized dividend and a dividend yield of 4.31%. CareTrust REIT’s payout ratio is currently 161.11%.

Hedge Funds Weigh In On CareTrust REIT

A number of large investors have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. acquired a new position in CareTrust REIT during the second quarter worth about $27,000. Rothschild Investment LLC acquired a new stake in shares of CareTrust REIT in the 2nd quarter worth approximately $34,000. Blue Trust Inc. increased its stake in CareTrust REIT by 178.3% in the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 772 shares in the last quarter. Quest Partners LLC purchased a new position in CareTrust REIT in the 2nd quarter valued at approximately $40,000. Finally, Versant Capital Management Inc raised its holdings in CareTrust REIT by 98.8% during the fourth quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 743 shares during the last quarter. Hedge funds and other institutional investors own 87.77% 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.