CareTrust REIT (NASDAQ:CTRE) Issues FY 2024 Earnings Guidance

CareTrust REIT (NASDAQ:CTRE - Get Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 1.490-1.500 for the period, compared to the consensus EPS estimate of 1.490. The company issued revenue guidance of -. CareTrust REIT also updated its FY24 guidance to $1.49-1.50 EPS.

Analysts Set New Price Targets

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

CareTrust REIT Stock Performance

NASDAQ:CTRE traded up $0.60 during trading hours on Tuesday, reaching $31.91. 1,308,735 shares of the stock were exchanged, compared to its average volume of 1,405,271. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34. The firm has a 50 day simple moving average of $30.30 and a 200-day simple moving average of $27.27. CareTrust REIT has a 52 week low of $20.10 and a 52 week high of $31.97. The stock has a market capitalization of $4.53 billion, a P/E ratio of 60.71 and a beta of 1.10.

CareTrust REIT (NASDAQ:CTRE - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.29). The company had revenue of $68.89 million for the quarter, compared to analyst estimates 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 in the previous year, the company posted $0.35 earnings per share. As a group, sell-side analysts forecast that CareTrust REIT will post 1.48 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

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

Insider Transactions at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.75% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.