CareTrust REIT (NASDAQ:CTRE) Issues Earnings Results, Misses Estimates By $0.08 EPS

CareTrust REIT (NASDAQ:CTRE - Get Free Report) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.08), RTT News reports. The company had revenue of $77.38 million during the quarter, compared to the consensus estimate 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 previous year, the business earned $0.35 EPS. CareTrust REIT updated its FY24 guidance to $1.49-1.50 EPS and its FY 2024 guidance to 1.490-1.500 EPS.

CareTrust REIT Price Performance

Shares of NASDAQ:CTRE opened at $32.16 on Friday. The company has a current ratio of 7.60, a quick ratio of 13.37 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $5.51 billion, a PE ratio of 44.67 and a beta of 1.10. The firm has a 50 day moving average of $30.53 and a 200-day moving average of $27.40. CareTrust REIT has a 12 month low of $20.10 and a 12 month high of $33.15.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid 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 3.61%. CareTrust REIT's payout ratio is 161.11%.

Wall Street Analyst Weigh In

CTRE has been the subject of a number of analyst reports. Royal Bank of Canada lifted their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an "outperform" rating in a research report on Thursday, August 22nd. BMO Capital Markets lifted their price target on CareTrust REIT from $33.00 to $34.00 and gave the stock an "outperform" rating in a report on Monday, October 7th. Wells Fargo & Company raised CareTrust REIT from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Finally, KeyCorp raised their price objective on CareTrust REIT from $27.00 to $34.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $31.00.

Insider Buying and Selling at CareTrust REIT

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