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

CareTrust REIT, Inc. (NASDAQ:CTRE) announced a quarterly dividend on Monday, December 16th,RTT News reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.29 per share by the real estate investment trust on Wednesday, January 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date is Tuesday, December 31st.

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 85.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect CareTrust REIT to earn $1.75 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 66.3%.

CareTrust REIT Trading Down 1.3 %

CTRE opened at $27.06 on Friday. The stock has a 50-day moving average of $29.76 and a 200 day moving average of $28.72. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. CareTrust REIT has a 12 month low of $20.10 and a 12 month high of $33.15. The firm has a market cap of $4.64 billion, a P/E ratio of 37.58, a P/E/G ratio of 1.59 and a beta of 1.07.

CareTrust REIT (NASDAQ:CTRE) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. The company had revenue of $77.38 million during the quarter, compared to analysts’ expectations of $74.12 million. During the same quarter last year, the firm posted $0.35 EPS. As a group, research analysts forecast that CareTrust REIT will post 1.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. KeyCorp increased their target price on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Finally, BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $34.00 to $32.00 in a research report on Monday, December 9th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.67.

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.