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

CareTrust REIT, Inc. (NASDAQ:CTRE) has been given an average recommendation of “Moderate Buy” by the six analysts that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $31.00.

Several research analysts have recently weighed in on CTRE shares. BMO Capital Markets lifted their target price on shares of CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. 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. 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. KeyCorp boosted their price objective on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st.

Insiders Place Their Bets

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the business’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 directly owns 257,439 shares of the company’s stock, valued at $7,671,682.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.75% of the company’s stock.

Institutional Trading of CareTrust REIT

Institutional investors and hedge funds have recently modified their holdings of the company. Hsbc Holdings PLC lifted its stake in shares of CareTrust REIT by 25.4% in the second quarter. Hsbc Holdings PLC now owns 104,410 shares of the real estate investment trust’s stock worth $2,618,000 after buying an additional 21,145 shares during the last quarter. Hazelview Securities Inc. acquired a new stake in shares of CareTrust REIT in the first quarter worth $20,047,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of CareTrust REIT by 32.3% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 125,276 shares of the real estate investment trust’s stock worth $3,052,000 after buying an additional 30,619 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 2,376,832 shares during the last quarter. Finally, Centersquare Investment Management LLC lifted its stake in shares of 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 buying an additional 45,733 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

CareTrust REIT Stock Up 0.3 %

NASDAQ CTRE opened at $30.94 on Friday. 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 company’s 50 day simple moving average is $30.18 and its 200 day simple moving average is $27.12. CareTrust REIT has a 12 month low of $20.10 and a 12 month high of $31.51. The company has a market capitalization of $4.40 billion, a P/E ratio of 59.50 and a beta of 1.10.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 EPS 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 the consensus estimate 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 in the previous year, the firm earned $0.35 earnings per share. Equities research analysts expect that CareTrust REIT will post 1.48 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

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

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.