CareTrust REIT, Inc. (CTRE) To Go Ex-Dividend on September 30th

CareTrust REIT, Inc. (NASDAQ:CTRE) announced a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Stockholders of record on Monday, September 30th will be given a dividend of 0.29 per share by the real estate investment trust on Tuesday, October 15th. This represents a $1.16 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend is Monday, September 30th.

CareTrust REIT has increased its dividend by an average of 7.8% annually over the last three years. CareTrust REIT has a payout ratio of 93.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect CareTrust REIT to earn $1.65 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 70.3%.

CareTrust REIT Trading Down 0.2 %

Shares of CareTrust REIT stock traded down $0.07 during trading on Wednesday, hitting $30.93. The company’s stock had a trading volume of 2,233,275 shares, compared to its average volume of 1,382,427. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 59.50 and a beta of 1.10. CareTrust REIT has a 52 week low of $19.79 and a 52 week high of $31.51. The stock has a 50-day moving average price of $28.23 and a two-hundred day moving average price of $25.90. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37.

CareTrust REIT (NASDAQ:CTRE) last released its 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). CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. The firm had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. During the same period in the prior year, the company posted $0.35 EPS. Equities research analysts anticipate that CareTrust REIT will post 1.48 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on CTRE. Wells Fargo & Company boosted their price target on shares of CareTrust REIT from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, May 30th. Royal Bank of Canada raised their price target 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. Deutsche Bank Aktiengesellschaft increased their price objective on CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a research note on Monday, July 1st. Finally, Wedbush started coverage on CareTrust REIT in a report on Wednesday, May 29th. They set a “neutral” rating and a $26.00 price target for the company. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $26.67.

Insider Activity at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction dated 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 owns 257,439 shares of the company’s stock, valued at approximately $7,671,682.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.75% of the stock is owned by company insiders.

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.