CareTrust REIT, Inc. (NASDAQ:CTRE) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

CareTrust REIT, Inc. (NASDAQ:CTRE) has earned an average rating of “Moderate Buy” from the six research firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $31.00.

Several analysts have weighed in on CTRE shares. Royal Bank of Canada lowered their price target on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Wedbush reaffirmed an “underperform” rating and set a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. Wells Fargo & Company decreased their target price on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Finally, Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research report on Thursday, March 13th.

CareTrust REIT Stock Up 0.5 %

CTRE stock opened at $28.76 on Friday. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of 36.40, a PEG ratio of 1.25 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The stock has a fifty day moving average of $27.32 and a 200-day moving average of $28.28. CareTrust REIT has a fifty-two week low of $23.26 and a fifty-two week high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.12). CareTrust REIT had a net margin of 42.22% and a return on equity of 5.59%. During the same period in the previous year, the firm earned $0.25 earnings per share. As a group, equities research analysts predict that CareTrust REIT will post 1.71 earnings per share for the current year.

CareTrust REIT Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.335 per share. The ex-dividend date was Monday, March 31st. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a dividend yield of 4.66%. CareTrust REIT’s payout ratio is currently 169.62%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in CareTrust REIT by 381.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock valued at $212,267,000 after purchasing an additional 5,448,904 shares during the last quarter. Vanguard Group Inc. increased its holdings in CareTrust REIT by 18.5% during the fourth quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust’s stock valued at $738,482,000 after buying an additional 4,263,097 shares during the last quarter. FMR LLC raised its holdings in CareTrust REIT by 51.8% in the 4th quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust’s stock worth $214,586,000 after purchasing an additional 2,708,050 shares during the period. Raymond James Financial Inc. purchased a new position in shares of CareTrust REIT during the 4th quarter valued at about $49,048,000. Finally, Balyasny Asset Management L.P. lifted its holdings in CareTrust REIT by 149.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust’s stock valued at $73,269,000 after purchasing an additional 1,623,297 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.