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

CareTrust REIT, Inc. (NASDAQ:CTRE) has been given a consensus rating of “Moderate Buy” by the six analysts that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $31.00.

A number of research firms have commented on CTRE. BMO Capital Markets downgraded CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $34.00 to $32.00 in a report on Monday, December 9th. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a report on Thursday, March 13th. Royal Bank of Canada cut their target price on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Wedbush reiterated an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. Finally, Wells Fargo & Company lowered their price target on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Quantinno Capital Management LP increased its position in shares of CareTrust REIT by 2.3% in the 4th quarter. Quantinno Capital Management LP now owns 17,482 shares of the real estate investment trust’s stock valued at $473,000 after buying an additional 385 shares in the last quarter. Signaturefd LLC increased its holdings in CareTrust REIT by 20.3% during the 4th quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 443 shares in the last quarter. WealthShield Partners LLC boosted its stake in shares of CareTrust REIT by 1.0% during the 4th quarter. WealthShield Partners LLC now owns 49,119 shares of the real estate investment trust’s stock worth $1,343,000 after buying an additional 490 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of CareTrust REIT by 4.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,384 shares of the real estate investment trust’s stock worth $308,000 after buying an additional 534 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its stake in shares of CareTrust REIT by 5.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 11,777 shares of the real estate investment trust’s stock worth $319,000 after buying an additional 601 shares during the last quarter. 87.77% of the stock is owned by institutional investors and hedge funds.

CareTrust REIT Stock Down 1.0 %

Shares of NASDAQ:CTRE opened at $28.70 on Wednesday. The stock’s fifty day simple moving average is $26.66 and its 200-day simple moving average is $28.64. CareTrust REIT has a 52-week low of $23.26 and a 52-week high of $33.15. The company has a market capitalization of $5.39 billion, a P/E ratio of 36.33, a P/E/G ratio of 1.25 and a beta of 1.11. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14.

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 return on equity of 5.59% and a net margin of 42.22%. During the same period in the previous year, the company earned $0.25 EPS. As a group, equities research analysts forecast that CareTrust REIT will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.335 dividend. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a dividend yield of 4.67%. The ex-dividend date of this dividend is Monday, March 31st. CareTrust REIT’s dividend payout ratio is currently 146.84%.

About CareTrust REIT

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.