CareTrust REIT (NASDAQ:CTRE) Reaches New 52-Week High – Here’s What Happened

CareTrust REIT, Inc. (NASDAQ:CTRE) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $31.55 and last traded at $31.47, with a volume of 77803 shares trading hands. The stock had previously closed at $31.31.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CTRE. KeyCorp increased their target price on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. 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 report on Monday, July 1st. BMO Capital Markets boosted their target price 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. Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. Finally, Royal Bank of Canada upped their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $31.00.

CareTrust REIT Trading Up 0.9 %

The firm’s 50 day moving average price is $30.30 and its 200-day moving average price is $27.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37. The stock has a market cap of $4.49 billion, a P/E ratio of 60.71 and a beta of 1.10.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.29). The business had revenue of $68.89 million during the quarter, compared to the consensus estimate of $66.36 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same period last year, the company posted $0.35 earnings per share. As a group, equities research analysts forecast that CareTrust REIT, Inc. will post 1.48 earnings per share for the current year.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.29 per share. The ex-dividend date was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.67%. CareTrust REIT’s dividend payout ratio (DPR) is presently 223.08%.

Insiders Place Their Bets

In other news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were 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 $7,671,682.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.75% of the stock is owned by insiders.

Institutional Trading of CareTrust REIT

Several large investors have recently modified their holdings of CTRE. US Bancorp DE lifted its holdings in CareTrust REIT by 6.2% in the third quarter. US Bancorp DE now owns 11,786 shares of the real estate investment trust’s stock valued at $364,000 after acquiring an additional 692 shares during the period. First Trust Direct Indexing L.P. bought a new position in shares of CareTrust REIT in the 3rd quarter worth approximately $220,000. New York State Teachers Retirement System boosted its holdings in shares of CareTrust REIT by 2.0% in the third quarter. New York State Teachers Retirement System now owns 200,568 shares of the real estate investment trust’s stock worth $6,190,000 after buying an additional 3,979 shares during the last quarter. Golden State Equity Partners grew its position in CareTrust REIT by 7.1% during the third quarter. Golden State Equity Partners now owns 38,926 shares of the real estate investment trust’s stock valued at $1,201,000 after buying an additional 2,588 shares during the period. Finally, abrdn plc increased its holdings in CareTrust REIT by 14.9% during the third quarter. abrdn plc now owns 28,125 shares of the real estate investment trust’s stock valued at $868,000 after buying an additional 3,648 shares during the last quarter. Institutional investors own 87.77% 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.