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

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Shareholders of record on Monday, September 30th will be given 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 dividend 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% per year over the last three years. CareTrust REIT has a payout ratio of 93.5% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. 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 Trading Down 0.2 %

Shares of CTRE stock traded down $0.07 on Wednesday, hitting $30.93. 2,233,275 shares of the company’s stock traded hands, compared to its average volume of 1,382,427. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 59.50 and a beta of 1.10. The company’s fifty day simple moving average is $28.23 and its 200 day simple moving average is $25.90. CareTrust REIT has a one year low of $19.79 and a one year high of $31.51. The company has a debt-to-equity ratio of 0.34, a quick ratio of 13.37 and a current ratio of 13.37.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.29). CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. The company had revenue of $68.89 million for the quarter, compared to the consensus estimate of $66.36 million. During the same period last year, the business posted $0.35 earnings per share. Equities analysts forecast that CareTrust REIT will post 1.48 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CTRE. Deutsche Bank Aktiengesellschaft boosted their price objective on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st. Wells Fargo & Company upped their price target on shares of CareTrust REIT from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Thursday, May 30th. Royal Bank of Canada raised their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Finally, Wedbush began coverage on shares of CareTrust REIT in a research report on Wednesday, May 29th. They issued a “neutral” rating and a $26.00 price objective on the stock. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, CareTrust REIT presently has an average rating of “Hold” and an average price target of $26.67.

Insiders Place Their Bets

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $7,671,682.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.75% of the company’s stock.

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.