CareTrust REIT (NASDAQ:CTRE) Sets New 12-Month High - Here's What Happened

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $31.55 and last traded at $31.47, with a volume of 77803 shares trading hands. The stock had previously closed at $31.31.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Deutsche Bank Aktiengesellschaft increased their target price on CareTrust REIT from $23.00 to $27.00 and gave the stock a "hold" rating in a report on Monday, July 1st. BMO Capital Markets lifted their price objective on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an "outperform" rating in a report on Monday, October 7th. Royal Bank of Canada boosted their target price on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an "outperform" rating in a research note on Thursday, August 22nd. Wells Fargo & Company upgraded shares of CareTrust REIT from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Finally, KeyCorp boosted their price objective on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, CareTrust REIT currently has an average rating of "Moderate Buy" and an average target price of $31.00.

CareTrust REIT Stock Performance

The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 60.71 and a beta of 1.10. The stock's fifty day moving average is $30.30 and its two-hundred day moving average is $27.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 13.37 and a current ratio of 13.37.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.29). The firm had revenue of $68.89 million during the quarter, compared to the consensus estimate of $66.36 million. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same quarter last year, the company posted $0.35 EPS. On average, analysts expect that CareTrust REIT, Inc. will post 1.48 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.29 per share. The ex-dividend date was Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 3.64%. CareTrust REIT's dividend payout ratio (DPR) is presently 223.08%.

Insider Transactions at CareTrust REIT

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the firm's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares of the company's stock, valued at approximately $7,671,682.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.75% of the company's stock.

Hedge Funds Weigh In On CareTrust REIT

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. AlphaMark Advisors LLC lifted its holdings in shares of CareTrust REIT by 177.2% in the first quarter. AlphaMark Advisors LLC now owns 10,050 shares of the real estate investment trust's stock valued at $245,000 after buying an additional 6,425 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of CareTrust REIT by 4.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,946 shares of the real estate investment trust's stock valued at $559,000 after purchasing an additional 895 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of CareTrust REIT by 6.8% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 146,936 shares of the real estate investment trust's stock valued at $3,581,000 after purchasing an additional 9,350 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of CareTrust REIT by 13.2% in the 1st quarter. State of Alaska Department of Revenue now owns 136,216 shares of the real estate investment trust's stock worth $3,318,000 after purchasing an additional 15,853 shares during the last quarter. Finally, Maryland State Retirement & Pension System raised its holdings in shares of CareTrust REIT by 8.6% in the 1st quarter. Maryland State Retirement & Pension System now owns 47,025 shares of the real estate investment trust's stock worth $1,102,000 after purchasing an additional 3,735 shares in the last quarter. 87.77% of the stock is owned by institutional investors.

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.