Analysts Set CareTrust REIT, Inc. (NASDAQ:CTRE) Target Price at $31.00

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have been assigned an average rating of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $31.00.

Several brokerages recently commented on CTRE. KeyCorp upped their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft upped 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. BMO Capital Markets upped their price target on shares of CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Royal Bank of Canada boosted 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. Finally, Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st.

Insider Transactions at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the company’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 completion of the sale, the chief financial officer now owns 257,439 shares of the company’s stock, 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 is accessible through this link. Corporate insiders own 1.75% of the company’s stock.

Institutional Investors Weigh In On CareTrust REIT

Several hedge funds have recently modified their holdings of CTRE. Vanguard Group Inc. lifted its position in shares of CareTrust REIT by 13.3% in the 1st 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 period. Zimmer Partners LP purchased a new stake in CareTrust REIT during the first quarter valued at approximately $41,763,000. Hazelview Securities Inc. purchased a new stake in CareTrust REIT during the first quarter valued at approximately $20,047,000. Tributary Capital Management LLC purchased a new stake in CareTrust REIT during the second quarter valued at approximately $11,119,000. Finally, Dimensional Fund Advisors LP lifted its position in CareTrust REIT by 15.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust’s stock valued at $51,626,000 after acquiring an additional 281,120 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

CareTrust REIT Stock Down 0.0 %

Shares of CTRE stock opened at $30.93 on Friday. The company’s fifty day simple moving average is $30.24 and its two-hundred day simple moving average is $27.19. CareTrust REIT has a 52 week low of $20.10 and a 52 week high of $31.51. 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 stock has a market cap of $4.39 billion, a P/E ratio of 59.48 and a beta of 1.10.

CareTrust REIT (NASDAQ:CTRE) last posted 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 return on equity of 4.84% and a net margin of 30.09%. The business had revenue of $68.89 million during the quarter, compared to the consensus estimate of $66.36 million. During the same quarter last year, the firm earned $0.35 earnings per share. Analysts predict that CareTrust REIT will post 1.48 EPS for the current fiscal year.

CareTrust REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.29 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.75%. CareTrust REIT’s payout ratio is presently 223.08%.

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.