CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report) has earned an average rating of "Moderate Buy" from the six ratings firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $31.00.
CTRE has been the subject of several recent research reports. Wells Fargo & Company dropped their price target on CareTrust REIT from $34.00 to $31.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Royal Bank of Canada dropped their price objective on CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. Wedbush reissued an "underperform" rating and issued a $26.00 target price on shares of CareTrust REIT in a research note on Friday, March 14th. Finally, Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target on the stock in a research note on Thursday, March 13th.
Read Our Latest Stock Analysis on CareTrust REIT
Institutional Investors Weigh In On CareTrust REIT
Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in shares of CareTrust REIT by 381.2% in 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. raised its holdings in shares of CareTrust REIT by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust's stock worth $738,482,000 after purchasing an additional 4,263,097 shares during the period. FMR LLC lifted its stake in shares of 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 valued at $214,586,000 after purchasing an additional 2,708,050 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in CareTrust REIT during the 4th quarter worth approximately $49,048,000. Finally, Balyasny Asset Management L.P. lifted its position 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 buying an additional 1,623,297 shares in the last quarter. 87.77% of the stock is owned by institutional investors and hedge funds.
CareTrust REIT Price Performance
Shares of CTRE stock traded up $0.19 during mid-day trading on Friday, reaching $28.60. The stock had a trading volume of 550,121 shares, compared to its average volume of 1,829,508. The company has a market cap of $5.37 billion, a P/E ratio of 36.20, a price-to-earnings-growth ratio of 1.25 and a beta of 0.88. 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 business has a 50-day simple moving average of $27.16 and a 200 day simple moving average of $28.33.
CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced 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 return on equity of 5.59% and a net margin of 42.22%. During the same quarter last year, the firm posted $0.25 EPS. On average, sell-side analysts anticipate that CareTrust REIT will post 1.71 earnings per share for the current year.
CareTrust REIT Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.335 dividend. This is a boost from CareTrust REIT's previous quarterly dividend of $0.29. The ex-dividend date was Monday, March 31st. This represents a $1.34 annualized dividend and a yield of 4.69%. CareTrust REIT's payout ratio is 169.62%.
About CareTrust REIT
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Get Free ReportCareTrust 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.
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