Wedbush Reiterates Underperform Rating for CareTrust REIT (NASDAQ:CTRE)

Wedbush reissued their underperform rating on shares of CareTrust REIT (NASDAQ:CTRE) in a research report report published on Friday,Benzinga reports. The brokerage currently has a $26.00 price objective on the real estate investment trust’s stock.

Several other research firms have also issued reports on CTRE. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a report on Thursday. Royal Bank of Canada reduced their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. Wells Fargo & Company decreased their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Finally, BMO Capital Markets cut shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $34.00 to $32.00 in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $31.00.

CareTrust REIT Trading Up 2.3 %

Shares of CareTrust REIT stock opened at $28.35 on Friday. CareTrust REIT has a 1-year low of $23.26 and a 1-year high of $33.15. The company’s fifty day simple moving average is $26.39 and its 200-day simple moving average is $28.68. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The stock has a market capitalization of $5.32 billion, a PE ratio of 35.89, a P/E/G ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.12). CareTrust REIT had a net margin of 42.22% and a return on equity of 5.59%. During the same period in the previous year, the company earned $0.25 EPS. As a group, equities analysts anticipate that CareTrust REIT will post 1.71 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date was Tuesday, December 31st. CareTrust REIT’s dividend payout ratio (DPR) is 146.84%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CTRE. JPMorgan Chase & Co. lifted its stake in shares of CareTrust REIT by 381.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock valued at $212,267,000 after buying an additional 5,448,904 shares in the last quarter. Vanguard Group Inc. lifted its stake in CareTrust REIT by 18.5% in the 4th quarter. Vanguard Group Inc. now owns 27,300,633 shares of the real estate investment trust’s stock worth $738,482,000 after purchasing an additional 4,263,097 shares in the last quarter. FMR LLC lifted its stake in CareTrust REIT by 209.9% in the 3rd quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after purchasing an additional 3,538,798 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in CareTrust REIT in the 4th quarter worth $49,048,000. Finally, Balyasny Asset Management L.P. lifted its stake in CareTrust REIT by 149.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the real estate investment trust’s stock worth $73,269,000 after purchasing an additional 1,623,297 shares in the last quarter. 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.