CareTrust REIT (NASDAQ:CTRE) Raised to Buy at Deutsche Bank Aktiengesellschaft

CareTrust REIT (NASDAQ:CTRE - Get Free Report) was upgraded by investment analysts at Deutsche Bank Aktiengesellschaft from a "hold" rating to a "buy" rating in a report released on Thursday, Marketbeat Ratings reports. The firm presently has a $31.00 price objective on the real estate investment trust's stock. Deutsche Bank Aktiengesellschaft's price objective indicates a potential upside of 7.62% from the company's previous close.

A number of other research analysts have also commented on CTRE. Wells Fargo & Company lowered their price objective 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. Royal Bank of Canada reduced their target price on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a report on Friday, February 21st. Wedbush cut shares of CareTrust REIT from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $34.00 to $26.00 in a report 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 report on Monday, December 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $31.00.

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CareTrust REIT Price Performance

Shares of NASDAQ CTRE traded up $0.39 during mid-day trading on Thursday, reaching $28.81. 1,777,088 shares of the company traded hands, compared to its average volume of 1,615,322. CareTrust REIT has a fifty-two week low of $23.26 and a fifty-two week high of $33.15. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The firm has a market cap of $5.41 billion, a PE ratio of 36.46, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11. The stock has a fifty day simple moving average of $26.47 and a 200-day simple moving average of $28.65.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 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 last year, the business posted $0.25 EPS. Equities research analysts anticipate that CareTrust REIT will post 1.71 EPS for the current fiscal year.

Hedge Funds Weigh In On CareTrust REIT

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTRE. Amalgamated Bank boosted its stake in CareTrust REIT by 3.9% in the 3rd quarter. Amalgamated Bank now owns 44,808 shares of the real estate investment trust's stock worth $1,383,000 after purchasing an additional 1,700 shares during the period. Assetmark Inc. acquired a new position in CareTrust REIT in the 3rd quarter worth approximately $730,000. Los Angeles Capital Management LLC acquired a new position in CareTrust REIT in the 3rd quarter worth approximately $708,000. Nations Financial Group Inc. IA ADV acquired a new position in CareTrust REIT in the 3rd quarter worth approximately $278,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in CareTrust REIT by 6.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 167,608 shares of the real estate investment trust's stock worth $5,172,000 after purchasing an additional 10,460 shares during the period. Institutional investors and hedge funds own 87.77% of the company's stock.

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.