CareTrust REIT (NASDAQ:CTRE) Posts Quarterly Earnings Results, Misses Estimates By $0.17 EPS

CareTrust REIT (NASDAQ:CTRE) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17), RTT News reports. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same period in the prior year, the company earned $0.35 earnings per share. CareTrust REIT updated its FY24 guidance to $1.49-1.50 EPS and its FY 2024 guidance to 1.490-1.500 EPS.

CareTrust REIT Stock Performance

Shares of NASDAQ CTRE traded up $0.68 during midday trading on Wednesday, hitting $32.60. 329,247 shares of the company’s stock were exchanged, compared to its average volume of 1,400,147. CareTrust REIT has a twelve month low of $20.10 and a twelve month high of $32.88. The firm has a market cap of $4.63 billion, a P/E ratio of 61.37 and a beta of 1.10. The stock’s 50 day moving average price is $30.37 and its 200-day moving average price is $27.33. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.29 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.56%. CareTrust REIT’s payout ratio is currently 223.08%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CTRE. KeyCorp increased their target price on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Royal Bank of Canada increased their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Wells Fargo & Company raised 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 report on Tuesday, October 1st. Finally, BMO Capital Markets upped their target price on CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Insider Activity at CareTrust REIT

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

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.