CareTrust REIT, Inc. (NASDAQ:CTRE) Plans Quarterly Dividend of $0.29

CareTrust REIT, Inc. (NASDAQ:CTRE) announced a quarterly dividend on Monday, June 17th, NASDAQ reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.29 per share by the real estate investment trust on Monday, July 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend is Friday, June 28th.

CareTrust REIT has increased its dividend payment by an average of 7.8% per year over the last three years. CareTrust REIT has a dividend payout ratio of 100.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect CareTrust REIT to earn $1.56 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 74.4%.

CareTrust REIT Stock Performance

NASDAQ CTRE opened at $25.02 on Wednesday. CareTrust REIT has a fifty-two week low of $19.05 and a fifty-two week high of $26.43. The company has a market cap of $3.55 billion, a P/E ratio of 17.85 and a beta of 1.06. The company has a debt-to-equity ratio of 0.36, a quick ratio of 12.80 and a current ratio of 12.80. The business’s 50 day moving average price is $24.83 and its 200-day moving average price is $23.47.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CTRE shares. KeyCorp lifted their price target on shares of CareTrust REIT from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. Wells Fargo & Company boosted their target price 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. Finally, Wedbush started coverage on CareTrust REIT in a research note on Wednesday, May 29th. They set a “neutral” rating and a $26.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, CareTrust REIT has an average rating of “Moderate Buy” and an average target price of $24.50.

CareTrust REIT Company Profile

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.