CareTrust REIT (NASDAQ:CTRE) Reaches New 52-Week High at $30.34

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $30.34 and last traded at $30.18, with a volume of 406992 shares. The stock had previously closed at $29.92.

Analysts Set New Price Targets

A number of analysts have recently commented on CTRE shares. Wells Fargo & Company boosted their price objective on CareTrust REIT from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a research report on Monday, July 1st. Wedbush assumed coverage on shares of CareTrust REIT in a research report on Wednesday, May 29th. They issued a “neutral” rating and a $26.00 target price on the stock. Finally, 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 note on Thursday, August 22nd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $26.67.

CareTrust REIT Stock Up 0.8 %

The stock has a market capitalization of $4.65 billion, a price-to-earnings ratio of 57.56 and a beta of 1.10. 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 business’s 50-day moving average is $27.61 and its two-hundred day moving average is $25.56.

CareTrust REIT (NASDAQ:CTRE) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.29). CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. The company had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Equities analysts anticipate that CareTrust REIT, Inc. will post 1.48 EPS for the current year.

CareTrust REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $0.29 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.16 annualized dividend and a yield of 3.85%. CareTrust REIT’s payout ratio is 223.08%.

Insiders Place Their Bets

In other news, CFO William M. Wagner sold 35,000 shares of the 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 directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.75% of the stock is owned by insiders.

Hedge Funds Weigh In On CareTrust REIT

Hedge funds have recently made changes to their positions in the stock. Rothschild Investment LLC purchased a new stake in CareTrust REIT during the second quarter worth about $34,000. Quest Partners LLC purchased a new stake in CareTrust REIT during the 2nd quarter worth approximately $40,000. GAMMA Investing LLC lifted its holdings in CareTrust REIT by 187.7% during the 2nd quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 1,143 shares in the last quarter. USA Financial Formulas purchased a new position in CareTrust REIT in the fourth quarter valued at $67,000. Finally, Quarry LP grew its position in shares of CareTrust REIT by 536.6% during the second quarter. Quarry LP now owns 3,100 shares of the real estate investment trust’s stock worth $78,000 after buying an additional 2,613 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

About CareTrust REIT

CareTrust REIT, Inc is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States.