CareTrust REIT (NASDAQ:CTRE) Issues FY24 Earnings Guidance

CareTrust REIT (NASDAQ:CTRE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.49-1.50 for the period, compared to the consensus earnings per share estimate of $1.48. CareTrust REIT also updated its FY 2024 guidance to 1.490-1.500 EPS.

CareTrust REIT Stock Performance

CTRE traded down $0.16 during trading on Thursday, hitting $32.65. 9,699,411 shares of the stock were exchanged, compared to its average volume of 1,451,443. The firm has a market capitalization of $4.64 billion, a P/E ratio of 63.42 and a beta of 1.10. CareTrust REIT has a 1-year low of $20.10 and a 1-year high of $33.15. The stock has a fifty day moving average price of $30.45 and a two-hundred day moving average price of $27.37. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34.

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 $0.38 by ($0.17). The business had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same period in the previous year, the firm earned $0.35 earnings per share. As a group, sell-side analysts predict that CareTrust REIT will post 1.48 earnings per share for the current year.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.29 per share. The ex-dividend date was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.55%. CareTrust REIT’s dividend payout ratio (DPR) is 223.08%.

Wall Street Analysts Forecast Growth

CTRE has been the subject of several analyst reports. BMO Capital Markets upped their price target on CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. KeyCorp boosted their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, Royal Bank of Canada increased 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. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

Insider Activity at CareTrust REIT

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the transaction, the chief financial officer now directly owns 257,439 shares in the company, valued at approximately $7,671,682.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.75% of the company’s stock.

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.