CareTrust REIT, Inc. (NASDAQ:CTRE) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have earned a consensus rating of “Moderate Buy” from the five ratings firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $29.00.

CTRE has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on shares of CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a report on Monday, July 1st. Royal Bank of Canada upped their target price 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, Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $28.00 to $34.00 in a report on Tuesday.

CareTrust REIT Price Performance

CTRE stock opened at $30.84 on Wednesday. The stock has a market capitalization of $4.38 billion, a PE ratio of 59.31 and a beta of 1.10. The company’s 50-day moving average is $28.99 and its 200-day moving average is $26.36. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37. CareTrust REIT has a 1 year low of $19.87 and a 1 year high of $31.51.

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

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.16 annualized dividend and a yield of 3.76%. CareTrust REIT’s dividend payout ratio (DPR) is 223.08%.

Insider Transactions at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CareTrust REIT

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of CareTrust REIT by 13.3% during the 1st quarter. Vanguard Group Inc. now owns 20,267,738 shares of the real estate investment trust’s stock worth $493,925,000 after purchasing an additional 2,376,832 shares during the last quarter. Centersquare Investment Management LLC boosted its holdings in CareTrust REIT by 1.6% in the 1st quarter. Centersquare Investment Management LLC now owns 2,869,111 shares of the real estate investment trust’s stock worth $70,924,000 after buying an additional 45,733 shares during the period. Dimensional Fund Advisors LP boosted its holdings in CareTrust REIT by 15.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,056,825 shares of the real estate investment trust’s stock worth $51,626,000 after buying an additional 281,120 shares during the period. Zimmer Partners LP bought a new position in CareTrust REIT in the 1st quarter worth approximately $41,763,000. Finally, GRS Advisors LLC bought a new position in CareTrust REIT in the 4th quarter worth approximately $31,656,000. Hedge funds and other institutional investors own 87.77% 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.