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

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Investors of record on Monday, September 30th will be paid a dividend of 0.29 per share by the real estate investment trust on Tuesday, October 15th. This represents a $1.16 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Monday, September 30th.

CareTrust REIT has increased its dividend by an average of 7.8% annually over the last three years. CareTrust REIT has a dividend payout ratio of 93.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect CareTrust REIT to earn $1.65 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 70.3%.

CareTrust REIT Stock Down 0.2 %

NASDAQ CTRE traded down $0.07 during trading on Wednesday, hitting $30.93. The company’s stock had a trading volume of 2,233,275 shares, compared to its average volume of 1,382,427. CareTrust REIT has a fifty-two week low of $19.79 and a fifty-two week high of $31.51. The company has a market cap of $4.39 billion, a PE ratio of 59.50 and a beta of 1.10. 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 business’s 50 day simple moving average is $28.23 and its 200-day simple moving average is $25.90.

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 company had revenue of $68.89 million during the quarter, compared to analyst estimates 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 last year, the business earned $0.35 earnings per share. On average, equities analysts anticipate that CareTrust REIT will post 1.48 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction that occurred 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 $7,671,682.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.75% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CTRE. 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 report on Monday, July 1st. Wells Fargo & Company boosted their price target on CareTrust REIT from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, May 30th. Wedbush initiated coverage on CareTrust REIT in a report on Wednesday, May 29th. They issued a “neutral” rating and a $26.00 price objective on the stock. Finally, Royal Bank of Canada lifted their target price on CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $26.67.

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.