CareTrust REIT, Inc. (NASDAQ:CTRE) Announces Dividend Increase - $0.34 Per Share

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report) declared a quarterly dividend on Tuesday, March 18th, RTT News reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.335 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.34 annualized dividend and a yield of 4.67%. The ex-dividend date is Monday, March 31st. This is a 15.5% increase from CareTrust REIT's previous quarterly dividend of $0.29.

CareTrust REIT has raised its dividend by an average of 3.4% annually over the last three years. CareTrust REIT has a payout ratio of 74.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect CareTrust REIT to earn $1.93 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 60.1%.

CareTrust REIT Trading Down 1.0 %

Shares of CTRE stock traded down $0.29 during trading hours on Friday, reaching $28.70. 3,150,421 shares of the stock were exchanged, compared to its average volume of 1,618,896. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. CareTrust REIT has a 12-month low of $23.26 and a 12-month high of $33.15. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 36.33, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11. The company's 50-day moving average price is $26.66 and its 200-day moving average price is $28.64.

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CareTrust REIT (NASDAQ:CTRE - Get Free Report) last issued its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 quarter in the previous year, the business earned $0.25 EPS. As a group, equities analysts anticipate that CareTrust REIT will post 1.71 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on CTRE shares. Wedbush restated an "underperform" rating and issued a $26.00 target price on shares of CareTrust REIT in a research note on Friday, March 14th. 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 report on Thursday, March 13th. BMO Capital Markets downgraded shares of CareTrust REIT from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $34.00 to $32.00 in a report on Monday, December 9th. Royal Bank of Canada dropped their target price on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. Finally, Wells Fargo & Company decreased their price target on shares of CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a report on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, CareTrust REIT has a consensus rating of "Moderate Buy" and an average target price of $31.00.

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.