CareTrust REIT, Inc. Plans Quarterly Dividend of $0.29 (NASDAQ:CTRE)

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report) announced a quarterly dividend on Monday, December 16th,RTT News reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 0.29 per share by the real estate investment trust on Wednesday, January 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.05%.

CareTrust REIT has raised its dividend payment by an average of 7.8% annually over the last three years. CareTrust REIT has a payout ratio of 85.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. Equities research analysts expect CareTrust REIT to earn $1.75 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 66.3%.

CareTrust REIT Stock Performance

CTRE stock traded down $0.18 during trading on Monday, hitting $28.63. 1,404,260 shares of the company traded hands, compared to its average volume of 1,570,593. CareTrust REIT has a 1 year low of $20.10 and a 1 year high of $33.15. The company has a market cap of $4.91 billion, a PE ratio of 39.76, a P/E/G ratio of 1.59 and a beta of 1.07. The stock's 50-day simple moving average is $30.30 and its 200 day simple moving average is $28.64. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60.

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

Wall Street Analyst Weigh In

CTRE has been the topic of several research reports. KeyCorp raised their target price on CareTrust REIT from $27.00 to $34.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. BMO Capital Markets lowered CareTrust REIT from an "outperform" rating to a "market perform" rating and decreased their price objective for the company from $34.00 to $32.00 in a report on Monday, December 9th. Wells Fargo & Company raised shares of CareTrust REIT from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $28.00 to $34.00 in a report on Tuesday, October 1st. Finally, Royal Bank of Canada raised their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an "outperform" rating in a research note on Thursday, August 22nd. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.67.

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.

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