CareTrust REIT (NASDAQ:CTRE) Cut to “Underperform” at Wedbush

Wedbush lowered shares of CareTrust REIT (NASDAQ:CTRE) from a neutral rating to an underperform rating in a report released on Thursday morning, Marketbeat.com reports. Wedbush currently has $26.00 target price on the real estate investment trust’s stock, down from their prior target price of $34.00.

CTRE has been the subject of several other research reports. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $34.00 to $32.00 in a report on Monday, December 9th. KeyCorp boosted their price target on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Finally, Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, CareTrust REIT has a consensus rating of “Hold” and a consensus price target of $30.67.

CareTrust REIT Price Performance

Shares of NASDAQ:CTRE opened at $26.74 on Thursday. CareTrust REIT has a twelve month low of $20.10 and a twelve month high of $33.15. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. The company has a market cap of $4.58 billion, a PE ratio of 37.14, a price-to-earnings-growth ratio of 1.59 and a beta of 1.09. The company’s 50 day moving average is $29.37 and its 200 day moving average is $28.75.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). The business had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same quarter in the previous year, the company earned $0.35 EPS. On average, sell-side analysts forecast that CareTrust REIT will post 1.5 EPS for the current year.

CareTrust REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.34%. The ex-dividend date is Tuesday, December 31st. CareTrust REIT’s payout ratio is currently 161.11%.

Institutional Investors Weigh In On CareTrust REIT

A number of institutional investors have recently added to or reduced their stakes in the stock. CWM LLC grew its position in shares of CareTrust REIT by 16.8% in the third quarter. CWM LLC now owns 3,244 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 467 shares during the period. Quantinno Capital Management LP lifted its stake in CareTrust REIT by 3.2% in the 3rd quarter. Quantinno Capital Management LP now owns 17,097 shares of the real estate investment trust’s stock valued at $528,000 after buying an additional 533 shares in the last quarter. United Services Automobile Association lifted its stake in CareTrust REIT by 5.0% in the 2nd quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust’s stock valued at $282,000 after buying an additional 540 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in CareTrust REIT by 0.4% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 151,594 shares of the real estate investment trust’s stock worth $4,678,000 after buying an additional 544 shares during the last quarter. Finally, Pitcairn Co. raised its holdings in shares of CareTrust REIT by 5.3% during the third quarter. Pitcairn Co. now owns 13,440 shares of the real estate investment trust’s stock valued at $415,000 after acquiring an additional 671 shares during the last quarter. Institutional investors and hedge funds own 87.77% 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.