CareTrust REIT (NASDAQ:CTRE) Upgraded at Wells Fargo & Company

CareTrust REIT (NASDAQ:CTRE) was upgraded by research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. The firm presently has a $34.00 price target on the real estate investment trust’s stock, up from their prior price target of $28.00. Wells Fargo & Company‘s price target suggests a potential upside of 10.97% from the stock’s current price.

A number of other research firms have also recently commented on CTRE. Deutsche Bank Aktiengesellschaft increased their price target on shares of 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 shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, August 22nd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $29.00.

CareTrust REIT Price Performance

Shares of CTRE opened at $30.64 on Tuesday. The stock has a market cap of $4.35 billion, a PE ratio of 58.92 and a beta of 1.10. 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 has a fifty-two week low of $19.87 and a fifty-two week high of $31.51. The firm’s 50-day simple moving average is $29.07 and its two-hundred day simple moving average is $26.41.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings data 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 business had revenue of $68.89 million during the quarter, compared to analysts’ expectations 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. Analysts anticipate that CareTrust REIT will post 1.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total value of $1,043,000.00. Following the sale, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CareTrust REIT

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in CareTrust REIT by 13.3% in the first quarter. Vanguard Group Inc. now owns 20,267,738 shares of the real estate investment trust’s stock worth $493,925,000 after purchasing an additional 2,376,832 shares during the last quarter. Centersquare Investment Management LLC raised its position in CareTrust REIT by 1.6% in the first quarter. Centersquare Investment Management LLC now owns 2,869,111 shares of the real estate investment trust’s stock worth $70,924,000 after acquiring an additional 45,733 shares during the period. Dimensional Fund Advisors LP raised its position in CareTrust REIT by 15.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust’s stock worth $51,626,000 after acquiring an additional 281,120 shares during the period. Zimmer Partners LP bought a new position in CareTrust REIT in the first quarter worth approximately $41,763,000. Finally, GRS Advisors LLC bought a new position in CareTrust REIT in the fourth quarter worth approximately $31,656,000. Hedge funds and other institutional investors 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.